WASHINGTON (TIP): President Donald Trump nominated Jerome Powell to succeed Janet Yellen as Fed Chair. Yellen’s term expires in February 2018. Trump made the announcement during a Thursday, November 2 afternoon ceremony in the Rose Garden.

Powell led a diverse field of potential nominees that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn and Yellen herself.

Yellen’s term has been marked by a mostly uninterrupted bull market that began in March 2009 and low interest rates even as the Fed has sought to unwind the stimulus initiated during the crisis.

“Today is an important milestone on the path to restoring economic opportunity to the American people,” Trump said with Powell standing to his right and the prospective chairman’s family nearby. The president said the Fed requires “strong, sound and steady leadership” and Powell “will provide exactly that type of leadership.”

“He’s strong, he’s committed and he’s smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump added.

Powell led a diverse field of potential nominees that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn and Yellen herself.

Yellen is “a wonderful woman who’s done a terrific job,” Trump said. “We have been working together for 10 months and she is absolutely a spectacular person. Janet, thank you very much. We appreciate it.”

“I’m both honored and humbled by this opportunity to serve our great country,” Powell said. “If I am confirmed by the Senate, I will do everything within my power to achieve our congressional assigned goals of stable prices and maximum employment.”