US President Donald Trump is poised to name serving US Federal Reserve board member Jerome Powell as the successor to Janet Yellen as chairman of the central bank, sources said on Thursday (2 November).

Two senior administration officials told the Associated Press that Powell is Trump's pick to succeed Yellen, who was the first woman to lead the US central bank.

Trump plans to make the announcement later Thursday at the White House.

The officials said they were not authorised to discuss administration personnel decisions before the president's formal announcement, and spoke on condition of anonymity.

The 64-year-old Powell is seen as a safe choice. He's supported the cautious approach to raising interest rates that Yellen has pursued during her tenure.

Powell spent years working at investment firms. Unlike the past three Fed chairs, he doesn't have a doctorate degree in economics.

Yellen had drawn widespread approval for her performance as Fed chair.

Jerome Powell
Federal Reserve Board Governor Jerome Powell discusses financial regulation in Washington. Reuters