Mr. Trump said last week in an Instagram video that he would announce a choice this week.
In looking past Ms. Yellen, Mr. Trump would be breaking with longstanding precedent. Every Fed chairman in modern history who completed a first term was nominated for a second. The last three Fed chairmen were nominated for new terms by a president of the opposite party.
“You like to make your own mark, which is maybe one of the things she’s got a little bit against her,” Mr. Trump said last week.
In choosing Mr. Powell, however, Mr. Trump would be resisting pressure by conservatives to make a larger change at the Fed. Many conservatives, including Vice President Mike Pence, favored the selection of John B. Taylor, an economist at Stanford and an outspoken critic of the Fed’s monetary policy.
Mr. Powell has consistently supported the Fed’s campaign to stimulate economic growth, although he expressed some reservations in internal debates about the extent of those efforts. In recent years, he has backed the methodical unwinding of those efforts, and analysts expect he would seek to raise interest rates at about the same pace as Ms. Yellen.
On regulatory policy, Mr. Powell has defended most changes made after the financial crisis as necessary to protect the broader economy, but he has said that he supports efforts to streamline those rules.
Mr. Powell, a lawyer by training, worked as an investment banker before joining the Treasury Department under the first President George Bush. He then made a fortune at the Carlyle Group, a private equity firm, before leaving to work at the Bipartisan Policy Center as an expert on fiscal policy. He was nominated to the Fed by President Barack Obama in 2012.
A native of Washington, Mr. Powell has spent most of his life in the capital in a mix of public and private roles. He lives in Maryland and has three children.
Trump Is Expected to Name Jerome Powell as Next Fed Chairman – New York Times