President Donald Trump is likely to pick Federal Reserve Governor Jerome Powell to replace Janet Yellen as head of the U.S. central bank, a source familiar with the matter said on Monday. Trump is expected to announce his choice on Thursday, a White House official said separately. Powell, Yellen and Stanford University economist John Taylor are among those on the Republican president's short list. The main challenger is Taylor, a favorite of conservative Republicans who want the central bank to rely more on rules when setting interest rates. The Fed is expected to leave rates unchanged at the conclusion of its latest two-day policy meeting on Wednesday.

Source: CBC News October 30, 2017 15:56 UTC