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White House has notified Powell it intends to nominate him as Fed Chair -WSJ

WASHINGTON, Nov 1 (Reuters) - The White House has notified Federal Reserve Governor Jerome Powell that it will nominate him as the next chair of the central bank, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.

The Journal said that President Donald Trump had spoken with Powell on Tuesday, a second unnamed source familiar with the matter told the newspaper.

Trump had settled on Powell to replace the incumbent Janet Yellen by Saturday, the newspaper said. A formal announcement will come on Thursday.

Janet Yellen's term as Fed chair expires in February 2018.

(Reporting by David Chance)