WASHINGTON—Kevin Warsh, a leading contender for the position of Federal Reserve chair, met with President Donald Trump at the White House on Thursday. The meeting occurred just one day before a formal announcement regarding the new chair is expected.

Sources familiar with the situation confirmed the meeting, though details about the discussion were not disclosed. Warsh has been considered a strong possibility among several candidates vying for the influential role, which oversees U.S. monetary policy.

The Federal Reserve chair position is crucial, shaping interest rates and influencing the nation's economy. The current chair, Jerome Powell, is nearing the end of his term, prompting the search for a successor. President Trump has publicly expressed his views on monetary policy and the Fed's actions, making the selection of the next chair a significant decision.

Warsh previously served as a Federal Reserve governor from 2006 to 2011. His experience within the Federal Reserve system makes him a prominent candidate. The White House has not yet released an official statement regarding the meeting or the impending announcement.