Pick of former Fed governor to replace Jerome Powell comes as White House seeks to tighten grip on central bank

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Donald Trump has announced Kevin Warsh as his nomination for the next chair of the Federal Reserve, selecting a candidate who has been an outspoken critic of the US central bank.

The move ends months of speculation about who the president would pick to replace Jerome Powell , as he waged an extraordinary campaign to influence policymaking at the Fed by repeatedly calling for rate cuts.