President Donald Trump has named Jerome Powell as his pick to lead the Federal Reserve, VOA reported.

Mr Powell, a Republican and multi-millionaire, currently serves as a member of the bank's board.

He had been widely tipped as the top choice for over a week.

Analysts regard him as a status quo candidate, likely to continue the Fed's current policies of gradually raising interest rates.

President Donald Trump said Mr Powell, known as Jay, commanded the respect of both parties and urged swift Senate confirmation.

"I am confident that Jay has the wisdom and leadership to guide our economy through any challenges," he said during the announcement in Washington.

President Trump interviewed five candidates for the role, including current chair Janet Yellen whose term finishes in February.

Despite a tradition of reappointing Fed chairs, President Trump has said he wanted to make his own "mark".