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Portfolio > Economy & Markets

Trump Is Said to Lean Toward Jay Powell as Next Fed Chairman

By Jennifer Jacobs, Saleha Mohsin

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President Donald Trump is leaning toward appointing Federal Reserve Governor Jerome Powell to be the next chairman of the Fed, according to three people familiar with the matter.

The decision isn’t yet final, the people cautioned, and Trump could change his mind at any time.

Yet his preference for Powell dims current Fed Chair Janet Yellen’s chances for a second term at the helm of the world’s leading central bank.

Yellen’s first term ends in February, and Trump has been working from a shortlist of five candidates developed by his advisers that includes the current chair and Powell.

Other candidates he’s considering are Stanford University economist John Taylor, former Fed governor Kevin Warsh and National Economic Council Director Gary Cohn.

The president has promised to make a decision soon, and White House officials have said he would reveal his choice before his Nov. 3 trip to Asia.

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