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Watch live: President Trump announces nomination for Fed chair

President Trump is set to announce his nominee to serve as the chair of Federal Reserve. Multiple media outlets have reported Trump's likely pick for the position is Republican Federal Reserve Governor Jerome Powell.

If confirmed, Powell will replace Fed Chairwoman Janet Yellen, a Democrat who has led the bank since 2014. Yellen's term ends in February.

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Trump reportedly was considering asking Yellen to remain at the Fed's helm. He also reportedly considered nominating Stanford University economist John Taylor for the role.

Watch the video live above.