Trump nominates Powell to lead Federal Reserve

Washington, Nov 3
US President Donald Trump has nominated Jerome Powell to succeed Janet Yellen as chair of the Federal Reserve.

Powell's nomination is not likely to face any serious opposition in the Senate.

"He's strong, he's committed, he's smart," the New York Times quoted Trump as saying in the Rose Garden, where he introduced Powell as his choice.

"Based on his record, I am confident that Jay has the wisdom and leadership to guide our economy through any challenges that our great economy will face."

Powell, a lawyer and former US Treasury official, will be the first Fed chair in three decades without a Ph.D. in economics.