White House advised Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, the Wall Street Journal reported Wednesday. 

The president is expected to formally announce his decision on Thursday. The president has conferred with Powell Tuesday, according to an informed source who declined to elaborate.

If confirmed, Powell would succeed Janet Yellen, whose four-year term expires early February.

The market anticipates Powell would likely preserve the Fed’s cautious approach vis-a-vis reversing the central bank’s stimulus-driven, crisis-era policies as the economy grows.