United States (US) President Donald Trump announced on Friday that he had chosen Kevin Walsh to serve as the next Chair of the Federal Reserve (Fed).

President Trump reportedly had a meeting with Warsh, a former member of the Fed Board of Governors between 2006 and 2011, at the White House on Thursday, later stating: “I’ll be announcing the Fed chair tomorrow morning,” adding that “It’s going to be somebody that is very respected, somebody that’s known to everybody in the financial world. And I think it’s going to be a very good choice. I hope so.”

Kevin Warsh is an American financier and bank executive who has shown support for lower rates in recent months, in line with President Trump’s desires. Nevertheless, Warsh is well known as an inflation hawk who advocates for a smaller balance sheet. While reducing it is technically a tightening measure, Warsh has argued that a smaller, less bloated balance sheet would give the Fed greater flexibility to lower policy rates for the broader economy.

(This story was corrected at 11:05 GMT to fix a typo in the headline stating US President Trump nominates Kevin Warsh as Fed Chair.)