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The
sources cautioned that while Powell had emerged as the leading
candidate from a short list of five, Trump had not made a final
decision and could always change his mind.
"I will be announcing it sometime next week," Trump said in a
video statement on Instagram. "It will be a person who hopefully
will do a fantastic job. I have someone very specific in mind
and I think everyone will be very impressed."
Trump has said he has been considering Powell, as well as
Stanford University economist John Taylor, for the post. He also
has said he has not ruled out renominating current Fed Chair
Janet Yellen, whose term expires in February.
He is expected to announce his pick, which would need to win
Senate approval, before he departs on a trip to Asia on Nov. 3.
The term of current Fed chair Janet Yellen ends in February
2018, though her term as a Federal Reserve Board governor does
not expire until 2024.
Trump had been working from a short list of five candidates that
included his top economic adviser, Gary Cohn, and former Fed
Governor Kevin Warsh.
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
currently being debated in Congress.
Trump has also privately voiced a desire to put his own stamp on
the central bank, which has dimmed the prospect of him giving a
new term to Yellen, another source said.
In an interview with Fox Business Network last Friday, Trump
indicated he could nominate both Powell and Taylor for top jobs
at the central bank. A vice chair post is currently open.
(Reporting by Steve Holland, Tim Ahmann, and Jeff Mason; Editing
by Andrea Ricci and Clive McKeef)
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