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Federal Reserve

Watch President Trump announce his nominee to lead the Fed

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President Donald Trump is in the Rose Garden today at 3 p.m. to announce his nominee to run the Federal Reserve.

Word has been leaking for days that the president would name Fed Governor Jerome Powell to lead the central bank. He would succeed Janet Yellen, whose four-year term expires in February.

Powell was part of a field that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn and Yellen herself.

The Fed is amid a slow and steady program of increasing interest rates and winding down its $4.5 trillion balance sheet. Powell is not expected to veer sharply from the policies of the Yellen Fed.

Read more:

Fed holds off on rate hike, opens door to December

There's one Fed chair nominee Trump is considering who scares the market

Height matters: The connection between tall Fed chiefs and interest rates

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