President Trump is expected Thursday to nominate Jerome Powell, a former investment banker and Fed governor, to lead the the central bank, according to two people familiar with the president's thinking.

Unlike some of the other candidates Trump considered, Powell has been supportive of slowly raising interest rates, which have been at historic lows for nearly a decade as the Fed looked to help the economy recover from a massive recession.

If confirmed by the Senate, Powell would replace current Fed Chairman Janet L. Yellen, whose term ends in February.