Next Fed Chair

The president on Sunday told reporters he knew who he would nominate, without offering further details

The team chosen by Trump has been reviewing several contenders, including a former Fed president and a longtime economic consultant

Potential arrangement was discussed between Trump and Warsh, a former investment banker who served on the Federal Reserve Board, at Trump's Mar-a-Lago retreat

Professor at the University of Chicago's Booth School of Business, Diamond received the prize along with Philip Dybvig and former Fed chair Ben Bernanke

The White House is cognisant of pressure from both moderates and progressives within the Democratic Party about the choice

Trump teased the announcement Friday by tweeting out a video promoting the event to his 41 million Twitter followers

Trump has said he has been considering Powell, as well as Stanford University economist John Taylor, for the post