President Trump nominates Jerome Powell for Fed chair

President Donald Trump is choosing Federal Reserve board member Jerome Powell to become the next chair of the U.S. central bank.

Trump says Powell has the "wisdom and leadership" to guide the U.S. economy through any challenges it may face.

He is calling Powell, "strong," ''committed" and "smart."

Trump announced Powell's nomination Thursday at a White House ceremony. If confirmed by the Senate, Powell would succeed Janet Yellen when her term ends in February.

Yellen is the first woman to lead the Federal Reserve; she'll also be the first Fed leader in decades to be denied a second term after completing a first.

The 64-year-old Powell is seen as a safe choice. He supported the cautious approach to interest rate hikes that Yellen pursued during her tenure.