Jay Powell is expected to be the president’s nominee to serve as the next chair of the Federal Reserve, according to two White House officials, as Donald Trump moves to make his mark on the world’s most powerful central bank.

The White House is due to make the announcement on Thursday, ending months of speculation ahead of the end of Janet Yellen’s first term as chair in February. The post of Fed chair is subject to Senate confirmation. 

Mr Powell has been a serving Fed governor since 2012. A centrist on monetary policy, he is known as a pragmatic and down-to-earth official with both private sector and government experience. A trained lawyer and former partner at private equity firm Carlyle, he also served in the Treasury under former president George H.W. Bush in the 1990s.