Trump says he has picked Fed chair nominee

US President Donald Trump told reporters that he has decided who to nominate to be the next Federal Reserve chair, Bloomberg reported on Sunday.

"I know who I am going to pick, yeah," Trump said on Air Force One. "We'll be announcing it."

Bloomberg reported that the US president made it clear he expects his nominee to pursue interest rate cuts.

Bloomberg said it was told by people familiar with the matter that White House National Economic Council Director Kevin Hassett is a likely choice to succeed incumbent Fed chief Jerome Powell in May.