President Donald Trump said Tuesday he would choose a new Federal Reserve chair among five front-runners in a "fairly short" time but stopped short of naming a favorite.

Current Fed Chair Janet Yellen's term is due to expire in February. Trump is reportedly considering candidates including former Fed governor Kevin Warsh, current White House economic advisor Gary Cohn, Stanford economist John Taylor, current Fed Governor Jerome Powell and Yellen herself.

"I would say within those five you'll be getting the answer and I'll be making a decision over the next fairly short period of time," Trump told reporters at the White House.

"I have great respect for all of them."

Trump and Yellen are due to meet on Thursday, according to The Wall Street Journal.

On the campaign trail, Trump accused Yellen of doing the former Obama administration's bidding by keeping interest rates low. Since taking office, however, the president has said he likes Yellen and holds her in high esteem.

Randal Quarles, Trump's pick for top Fed official in charge of banking regulation, took office on Friday, the same day Vice Chairman Stanley Fischer stepped down.

With three current vacancies and Yellen's replacement yet to be found, Trump will soon have the chance to reshape the composition of the US central bank.

Yellen has so far kept mum on her own intentions but, prior to stepping down, Fischer urged Trump to reappoint her, suggesting she may be willing to stay on.

Source: AFP