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Report: Fed chair candidate John Taylor impresses Trump

John Taylor made a favorable impression on U.S. President Donald Trump during his Oct. 11 interview for the Federal Reserve chair post, Bloomberg News reported Oct. 16, citing "several people familiar with the matter."

Trump reportedly gushed about Taylor after an hourlong meeting at the White House, one of the people said.

The 70-year-old Stanford University economist served on the Council of Economic Advisers under three presidents, and was an adviser on the presidential campaigns of George W. Bush and John McCain. He was undersecretary of the Treasury for international affairs from 2001 to 2005, Bloomberg said.

However, Trump said in July that he preferred rates to stay low, and Taylor's monetary policy rule advocates higher interest rates.

Meanwhile, three of the sources said that former Fed board Governor Kevin Warsh, another candidate for the Fed chair, could fall out of favor, though he remains on Trump's shortlist to lead the central bank. Warsh's academic background is not as strong as other candidates, and several economists have criticized his tenure as the Fed governor from 2006 to 2011, according to the report.

Other candidates on Trump's list are current Fed Chair Janet Yellen, whose first term expires in February 2018, Trump's chief economic adviser Gary Cohn and Fed Governor Jerome Powell.

Trump intends to interview Yellen on Oct. 19, Bloomberg News reported. He plans to announce a decision before he leaves Nov. 3 on a trip to Asia, The Wall Street Journal reported.