Washington, Oct 24 (IANS): US President Donald Trump said on Monday that he is "very, very close" to making a decision on who is going to lead the Federal Reserve.

Trump made the remarks when asked about the timeline for Fed chair decision at the beginning of a meeting with Singapore's Prime Minister Lee Hsien Loong at the Oval Office, Xinhua news agency reported.

Trump's choice for the next Fed chair is narrowed down to a short list of three to five people, including current Fed chair Janet Yellen, whose term expires in February.

In an interview with Fox Business, Trump responded to question on the next Fed chair choice and said that "most people are saying it's down to two: Mr. Taylor, Mr. Powell. I also met with Janet Yellen, who I like a lot. I really like her a lot. So, I have three people that I'm looking at, and there are a couple of others."

Trump recently has had interviews with Yellen, current Fed governor Jerome Powell, Stanford University economist John Taylor and former Fed Governor Keven Warsh in discussion about the Fed chair job.

White House's National Economic Council Director Gary Cohn is also under consideration for the post.