President Donald Trump is expected to announce his nominee for Federal Reserve chair on Friday morning, a decision that will have a significant impact on the US economy and global financial markets.

The Federal Reserve chair plays a crucial role in managing US monetary policy, influencing interest rates and inflation. The current chair, Jerome Powell, has seen his term marked by navigating economic challenges including the COVID-19 pandemic and subsequent inflation surges. Powell's current term expires in early 2024, making this nomination particularly significant. While the President did not name a specific candidate during his statement, speculation has centered on several potential contenders.

The selection process typically involves consultation with economic advisors and consideration of candidates' views on monetary policy, inflation, and economic growth. A confirmed nominee will then face a Senate confirmation vote before officially assuming the role. The announcement is anticipated to generate considerable discussion among economists and financial analysts, as the new chair's policies will have a direct impact on the US economy and global financial markets. The identity of the nominee and their stated policy positions will be closely scrutinized in the coming weeks.