President Trump is expected to name Jerome H. Powell as the next chairman of the Federal Reserve, replacing Janet L. Yellen, the current chairwoman whose term expires early next year, according to two people familiar with the plans.
An announcement could come as soon as Thursday, ahead of the president’s 12-day trip to Asia.
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 the Fed’s current approach to monetary policy and financial regulation, creating an expectation that he would bring continuity to the role.
One person familiar with the president’s thinking described Mr. Powell as the “safe” choice and the one who most closely fit Mr. Trump’s penchant for filling his government with characters from “central casting,” as he often puts it.
Both people familiar with the president’s thinking cautioned that Mr. Trump was notoriously mercurial in his decision-making and that he liked creating drama around important personnel decisions. However, both people, speaking on the condition of anonymity, said that the president appeared set on Mr. Powell and that an announcement would come this week.
The announcement would cap an unusually public selection process, during which the president has publicly discussed his views of various candidates, asked Republican senators to vote by raising their hands and sought the opinion of a television host.