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Donald Trump to name new head of Federal Reserve on Thursday

President Donald Trump has said he will announce the "new head" of the Federal Reserve on Thursday afternoon.

Mr Trump said before a Cabinet meeting on Wednesday: "I think you will be extremely impressed by this person."

Mr Trump's leading choice to follow current chair Janet Yellen is Jerome "Jay" Powell, who up until recently was the only Republican on the Fed board.

Mr Trump said Ms Yellen was "excellent".

Asked on Wednesday if she was his pick, he said: "I didn't say that."

Mr Trump's impending announcement of his choice to lead the Fed is overshadowing this week's meeting of the central bank's policy group, composed of its board members and regional bank presidents.

AP

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