President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017. (AP Photo/Alex Brandon)

President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017. (AP Photo/Alex Brandon)

WASHINGTON (AP) — The Latest on President Donald Trump and the chair of the Federal Reserve (all times local):

4:06 p.m.

Outgoing Fed chair Janet Yellen has congratulated colleague Jay Powell on his nomination to succeed her next year after her term expires.

Powell currently serves on the Fed board. Yellen says in a statement that his distinguished career has been marked by “dedicated public service and seriousness of purpose.”

Yellen says she’s confident in Powell’s “deep commitment” to carrying out the mission of the Federal Reserve, which sets U.S. monetary policy.

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She adds that she will work with Powell to ensure a smooth transition. The Senate must confirm Powell’s nomination, which President Donald Trump announced Thursday.

Yellen is the first woman to lead the Federal Reserve; she’ll also be the first Fed leader in decades to be denied a second term after completing a first.

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3:43 p.m.

President Donald Trump’s announcement of his nominee to lead the Federal Reserve included one noticeable absence: current Chair Janet Yellen.

Although he praised Yellen and thanked her for her service, she did not participate in the announcement — a departure from how previous presidents chose to announce a new Fed nominee.

When former President Barack Obama announced Yellen’s nomination in 2013, then-Fed Chairman Ben Bernanke stood by the podium as well. When President George W. Bush announced Bernanke’s nomination in 2005, longtime Fed Chairman Alan Greenspan was there. In 1987, when Greenspan was nominated by President Ronald Reagan, he was accompanied by then-Fed Chairman Paul Volcker.

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3:15 p.m.

President Donald Trump’s choice to lead the Federal Reserve says he will work to make sure the Fed stays “vigilant and prepared to respond to changes” in the market.

Jerome Powell was introduced by Trump in the Rose Garden.

The nominee says the U.S. economy has made “substantial progress” since the 2008 financial crisis and the financial system is much stronger.

Powell says the Federal Reserve understands that monetary decisions “matter for American families” as he awaits confirmation by the Senate.

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3:13 p.m.

President Donald Trump is praising outgoing Federal Reserve Chair Janet Yellen as he chooses Fed board member Jerome Powell to lead the Fed.

The president says Yellen is “absolutely a spectacular person,” and says she has served “with dedication and devotion” and the nation is grateful to her.

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If confirmed by the Senate, Powell would succeed Yellen when her term ends in February.

Yellen is the first woman to lead the Federal Reserve; she’ll also be the first Fed leader in decades to be denied a second term after completing a first.

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3:12 p.m.

President Donald Trump is choosing Federal Reserve board member Jerome Powell to become the next chair of the U.S. central bank.

Trump says Powell has the “wisdom and leadership” to guide the U.S. economy through any challenges it may face.

He is calling Powell, “strong,” ″committed” and “smart.”

Trump announced Powell’s nomination Thursday at a White House ceremony. If confirmed by the Senate, Powell would succeed Janet Yellen when her term ends in February.

Yellen is the first woman to lead the Federal Reserve; she’ll also be the first Fed leader in decades to be denied a second term after completing a first.

The 64-year-old Powell is seen as a safe choice. He supported the cautious approach to interest rate hikes that Yellen pursued during her tenure.

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11:26 a.m.

Mona Mahajan, an investment strategist for Allianz Global Investors, says Wall Street prefers Jerome Powell to other finalists for the Fed post, in part because he appears to share Chair Janet Yellen’s go-slow approach to interest-rate hikes.

“Relative to a John Taylor or Kevin Warsh, Powell is more of a continuity candidate,” Mahajan says, suggesting that low borrowing rates could support economic growth and a strong stock market.

Mahajan says she also thinks that more than Yellen, Powell, like Trump, might be inclined to relax some of the stricter regulations that were imposed on banks after the 2008 financial crisis.

“He wants to ease some of the Dodd-Frank rules and relieve some of the pressure on the region and community banks,” Mahajan says.

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9:55 a.m.

Two senior administration officials say Federal Reserve board member Jerome Powell is President Donald Trump’s choice to succeed Janet Yellen — the first woman to lead the U.S. central bank.

Trump plans to make the announcement later Thursday at the White House — and the officials are confirming that Trump’s settled on Powell as the next Fed chairman.

The officials weren’t authorized to discuss administration personnel decisions before the president’s formal announcement and spoke on condition of anonymity.

The 64-year-old Powell is seen as a safe choice. He’s supported the cautious approach to raising interest rates that Yellen has pursued during her tenure.

Powell spent years working at investment firms. Unlike the past three Fed leaders, he doesn’t have a doctorate degree in economics.

Yellen had drawn widespread approval for her performance as Fed chair.

—Associated Press writer Ken Thomas.