President Donald Trump announced Sunday that he has chosen whom he’ll nominate to replace Federal Reserve Chairman Jerome Powell, whose term expires in May.

Trump has had a longstanding dispute with Powell over the Fed’s refusal to cut interest rates more aggressively.

“I know who I am going to pick, yeah. We’ll be announcing it,” Trump told reporters on Air Force One.

When asked whether the replacement would be National Economic Council Director Kevin Hassett, the president smiled and said, “I’m not telling you. We’ll be announcing it.”

Hassett said Sunday that the markets “celebrated” as Trump moved closer to picking a replacement. 

“I think that the market expects that there’s going to be a new person at the Fed, and they expect that President Trump’s going to pick a new one,” he said. “And if he picks me, I’d be happy to serve.”

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