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Donald Trump has notified Jerome Powell that he will be announced as the next chair of the Federal Reserve, according to CNBC.

Powell has been a Federal Reserve Governor since 2012, and is a Republican well associated with the financial industry. It has followed an untraditionally public selection process for the chair position.

Trump is expected to officially announce the decision on Thursday.

UPDATE:

  • CNBC confirms that Donald Trump has officially nominated Powell as the new Fed chairman during a press conference.

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