The Globe and Mail reports in its Thursday edition that U.S. President Donald Trump has said that he would soon nominate Jerome Powell's successor, with nearly a year left before the Federal Reserve chair's term ends. A Reuters dispatch to The Globe says that Mr. Trump has made no secret of his displeasure with Mr. Powell and the Fed for not lowering interest rates since the President began his second term in January. Mr. Trump has backed off from comments earlier this year that he could fire Mr. Powell, and a recent U.S. Supreme Court ruling eased worries that he could do so. The potential for a "shadow" Fed chair second-guessing the sitting central bank leader could sow confusion. Any choice deemed as being under Mr. Trump's thumb would alarm Wall Street, given the broad sentiment that an independent Fed is critical to its ability to function properly. The chair of the Fed, which sets U.S. monetary policy and has a mandate to maintain full employment and price stability, is among the most closely followed government officials by Wall Street. An unconventional choice for the Fed would present a potential wildcard for markets if announced in the next few months, said Jason Draho at UBS Global Wealth Management.