New Delhi, Jan. 30 -- US President Donald Trump said he is nominating Kevin Warsh as the next Chairman of the Federal Reserve, effectively replacing Jerome Powell, whose eight-year tenure as the Fed Chair will end in May 2026.

"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is "central casting," and he will never let you down," Trump said in the post.

Warsh has taken the lead over other top contenders for the role, which included White House economic advisor Kevin Hassett and Christopher Waller, who is currently a member of the Fed's board. Besides them, BlackRock executive Rick Rieder was also frontrunner for the positi...