Investors see the former Fed governor as a credible steward of monetary policy despite expectations he may push for lower rates.

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Trump told reporters he will make the announcement on Friday morning, and said his pick is someone "a lot of people think...that could’ve been there a few years ago.”

Choice of former Fed governor to succeed Jerome Powell comes amid attack on central bank’s independence

Pick of former Fed governor to replace Jerome Powell comes as White House seeks to tighten grip on central bank

I "have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on his Truth Social platform.

Trump’s pick follows his attacks on current Fed Chair Jerome Powell, who this week paused cuts to interest rates despite pressure from the president.

The 55-year-old economist had been considered for Fed chair during Trump's first term.

Investors see the former Fed governor as a credible steward of monetary policy despite expectations he may push for lower rates.

Trump's choice for Fed chair could have far-reaching consequences for almost all consumer borrowing costs and savings rates.

Opinion is divided over whether Warsh will align with the US president's views over how the Federal Reserve should be run.

The U.S. dollar strengthened, signaling the market's approval of Warsh's credibility and perceived autonomy, but safe-haven assets gold and silver plummeted.