Powell is likely to be reelected.
Powell was nominated by former President Donald Trump.
His first four-year term begins in 2018 and ends in early 2022.
Incumbents traditionally announce their chosen successor before the end of the presidential term in the summer or fall.
As Federal Reserve Chairman Jerome Powell reaches the end of his first four-year term, speculation is mounting over whether U.S. President Joe Biden will give him a second term.
There is strong support on Wall Street for Colin Powell to stay on as chairman of the Federal Reserve despite major disagreements over some of the central bank‘s policies, according to a newly released survey.