President Donald Trump says he'll announce the "new head" of the Federal Reserve Thursday afternoon. 

Trump says before a Cabinet meeting Wednesday: "I think you will be extremely impressed by this person." 

Trump's leading choice to follow current chair Janet Yellen is Jerome "Jay" Powell, who up until recently was the only Republican on the Fed board. 

Trump said Yellen was "excellent." Asked Wednesday if she was his pick, he said: "I didn't say that." 

Trump's impending announcement of his choice to lead the Fed is overshadowing this week's meeting of the central bank's policy group, composed of its board members and regional bank presidents.