Trump's possible Fed pick: Who might succeed Powell

Here is who could replace Powell.

Kevin Hassett

Hassett is one of Trump's longest-serving economic aides.

• He is the current director of the National Economic Council, and served as the chair of the Council of Economic Advisers in Trump's first term.

Kevin Warsh

Warsh is a former Fed governor who served on the Board from 2006 to 2011.

• He was among Trump's top picks for Fed chair during his first term, though then-Treasury Secretary Steven Mnuchin pushed for Powell to get the job.

Treasury Secretary Scott Bessent

Bessent has been one of the key officials negotiating trade deals.

• Traders across Wall Street see the former hedge fund manager as a steadying hand for the Trump administration.
• Yes, but: Trump told reporters on Tuesday that Bessent wasn't his top choice to lead the Fed because he "likes the job he's doing."

Christopher Waller

Waller is currently one of seven governors on the Fed Board, nominated by Trump before being confirmed to the post in 2020.

• He has argued for faster rate cuts.
• He has been supportive of the view that Trump's trade policy will not be inflationary, instead resulting in one-time price hikes.