Before joining Trump's orbit, Hassett advised a succession of Republican presidential nominees on economic policy, including George W. Bush, John McCain, and Mitt Romney.

As of October, Hassett is the favorite on PolyMarket and Kalshi, two of the leading prediction markets. Hassett is a much more commanding favorite on Kalshi.

During Trump's first term, Hassett served as director of the president's Council of Economic Advisors. He returned to the White House during the COVID-19 pandemic and was severely criticized for publishing a model showing coronavirus deaths hitting zero by May 15, 2020.

In October 1999, Hassett cowrote with journalist Jason Glassman "Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market." Some economists have heavily criticized the book, largely because the index took more than 22 years to reach that threshold.

Fed Gov. Christopher Waller told CNBC that he thought his interview with Treasury Secretary Scott Bessent went "well."

"I mean, it was a lot of discussion about various aspects of talking about various speeches I've given my points of view, they've kind of wanted to follow up on tales of it," Wall said in October. "I just thought it was great. I mean, it was really there was nothing political about it. There was nothing. It was all serious economic discussion. So that's why I thought it was brilliant."

Bessent, himself once a contender to replace Powell, is leading the interview process to narrow Trump's shortlist.

Waller, a longtime regional Fed official, was seen as a convention pick when Trump nominated him to the central bank in 2019. Simultaneously, Trump also nominated Judy Shelton, a former campaign advisor and a Fed critic. The fight over Shelton's nomination soon spilled over onto Waller's.

In December 2020, the Senate confirmed Waller 48-47, the narrowest margin for any Fed governor since 1980, per The New York Times.

In July, Waller joined Gov. Michelle Bowman (another Trump first-term pick) in opposing the Fed's decision not to cut interest rates, the first dual dissent in more than 30 years.

Trump told reporters in September that Hassett, Waller, and Warsh were "the top three" to replace Powell.

Back during his first term, Trump reportedly considered Warsh to lead the Fed before he chose to nominate Powell in 2017.

Warsh spent his early years at Morgan Stanley, working as a specialist in mergers and acquisitions. President George W. Bush nominated him to the Fed in 2006 after Warsh served as an economic advisor in the Bush White House.

Drawing on his Wall Street ties, Warsh played a pivotal role in the central bank's response to the 2008 global financial crisis. When he left the Fed in 2011, the Times called him the Fed's chief liaison to Wall Street.

From the sidelines, Warsh has echoed Trump's criticism of Powell, calling for "regime change" at the Fed.

"The specter of the miss they made on inflation, it has stuck with them," Warsh told CNBC in July. "So one of the reasons why the president, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy."

Bowman was not in Trump's "top three," but that doesn't mean she's out of contention.

CNBC reported that Bowman was one of two additional hopefuls to the final five.

In 2018, Trump appointed Bowman to the central bank. After confirmation, she was reappointed in 2020. In June, she was narrowly confirmed as the vice chair of supervision.

Bowman started as an intern for Sen. Bob Dole. During the George W. Bush administration, she held posts at FEMA and the Homeland Security Department. She was vice president at Farmers and Drovers Bank in Kansas, her family's bank, before becoming the state's top banking official.

In September 2024, Bowman became the first Fed governor to vote against an interest rate decision since 2005. In July, she again voted against holding rates steady, though this time Waller joined her dissent.

There's also a big Wall Street name on Trump's shortlist.

Rick Rieder, chief investment officer of global fixed income at BlackRock, has spent decades on Wall Street, dating back to his time at Lehman Brothers. According to CNBC, he and Bowman were two additions to Trump's top three.

Rieder is responsible for managing roughly $2.4 trillion in assets, per Blackrock. He's served as a member of the Fed's Investment Advisory Committee on Financial Markets.

Trump's shortlist at one point reportedly had almost a dozen names.

CNBC reported that the following are no longer under consideration: David Zervos, Managing Director and Chief Market Strategist at Jefferies; Dallas Fed President Lorie Logan; former St. Louis Fed President James "Jim" Bullard; Fed Gov. Philip Jefferson; and Marc Sumerlin, a former economic advisor to President George W. Bush.

Former Fed Gov. Larry Lindsey told CNBC that he withdrew from contention.