Four potential Powell replacements have been shortlisted by the betting market. Here's who's in the running to be the next Fed Chair.

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.

Kevin Hassett, one of President Trump’s longest-serving economic aides, is the early front-runner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.