WASHINGTON — President Trump is expected to nominate Jerome H. Powell as the next chairman of the Federal Reserve, replacing Janet L. Yellen, whose term expires early next year, according to two people familiar with the plans.
Mr. Powell, a Fed governor since 2012, is a Republican with deep roots in the party’s establishment and in the financial industry. He has steadily supported Ms. Yellen’s approach to monetary policy and financial regulation, creating an expectation that he would be unlikely to attempt large or sharp changes in the Fed’s course.
One White House official described Mr. Powell as a “safe” choice as well as the candidate who most closely fit Mr. Trump’s penchant for filling top jobs with characters from “central casting,” as he has often put it.
Both people familiar with the president’s thinking, who spoke on the condition of anonymity, cautioned that Mr. Trump was notoriously mercurial and liked creating drama around important personnel decisions. However, both said the president appeared set on Mr. Powell. An announcement could come as soon as Thursday, after the Fed wraps up a two-day policy meeting on Wednesday and before Mr. Trump leaves on Friday for a 12-day Asia trip.
