Donald Trump nominates Jerome Powell to lead US Federal Reserve

Powell will replace current Fed Chair Janet Yellen

President Donald Trump today nominated Federal Reserve Governor Jerome Powell to lead the US central bank.

Powell, who must be confirmed by the Senate, will replace current Fed Chair Janet Yellen when her term at the helm of the central bank expires in February.

Trump said Powell is "strong, committed and smart," and has the "wisdom and leadership to guide" the US economy.