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White House: Trump plans to make choice for Fed next week

28 October 2017

President Donald Trump is leaning toward nominating Federal Reserve Governor Jerome Powell to be the next head of the USA central bank, two sources familiar with the matter said on Friday. "I have someone very specific in mind and I think everyone will be very impressed".

"In one way, I'd have to say, you'd like to make your own mark, which is maybe one of the things she's got a little bit against her", Trump said.

On Wednesday, a senior administration official said Trump was not likely to pick Cohn due to his key role on tax reform, while Trump told Fox Business Network that he thinks Yellen is "terrific" but suggested he would like make his "own mark" for a Fed chair.

Yellen's four-year term ends in February.

Trump said he would announce his choice "some time next week", ending weeks of speculation.

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The field has reportedly been narrowed down to Yellen, Fed Governor Jerome Powell, and Stanford University professor John Taylor.

The group of finalists had originally also included former Fed board member Kevin Warsh and Gary Cohn, head of the president's National Economic Council.

A senior administration official said on Wednesday that Trump was unlikely to nominate Cohn given the importance of his role in helping to lead efforts to enact tax reform legislation now being debated in Congress.

He went on to praise the USA economy, saying "things are looking good". Earlier in the day, the government reported that the overall economy, as measured by the gross domestic product, grew at an annual rate of 3 per cent in the July-September quarter after 3.1 per cent growth in the second quarter. Among other major currencies, sterling climbed nearly 1 percent to an eight-day high of $1.3271 after stronger-than-expected United Kingdom growth data cemented expectations the Bank of England will raise interest rates next week. "Have fun. God bless America".

White House: Trump plans to make choice for Fed next week