White House National Economic Council Director Kevin Hassett has moved to the front of the pack in the search for the next Federal Reserve chair, people familiar with the process tell Bloomberg.

Advisers close to President Donald Trump say Hassett is now viewed as the leading contender as the administration heads into the final stretch of its decision-making.

Hassett is considered a trusted Trump ally who would bring the president’s preferred aggressive rate-cutting philosophy to the central bank—an approach Trump has long wanted reflected more directly at the Fed.

Still, those familiar with Trump’s personnel choices caution that nothing is final until the president announces it, given his history of last-minute decisions. Press Secretary Karoline Leavitt echoed that sentiment, saying no one truly knows Trump’s pick until he reveals it.

Hassett has signaled he would accept the job, telling Fox News that he “wants to serve” and believes current data supports additional rate cuts. His views align closely with Trump’s belief that borrowing costs should fall faster, and he has criticized the Fed for allowing inflation to accelerate in the post-pandemic economy. News of his frontrunner status pushed the 10-year Treasury yield below 4% for the first time in a month.

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The Fed chair is among the most powerful economic appointments a president can make—something Trump learned during his first term after later clashing with his own pick, Jerome Powell, over the pace of rate cuts. Trump has repeatedly attacked Powell for being too slow to ease policy and has recently escalated his criticism while the White House fights a legal battle tied to Trump’s attempted removal of Governor Lisa Cook.

Treasury Secretary Scott Bessent, who is overseeing the selection process, is working to balance candidates who favor lower rates with those who can maintain the confidence of markets and the administration. The Fed began trimming rates again this fall after months on pause, though officials remain divided on the direction of inflation and the labor market ahead of a key December meeting.

Bessent said this week that Trump could announce his choice before Christmas. Trump himself has teased that he already knows whom he wants. Earlier this year, he named Hassett, former Fed official Kevin Warsh, and current Governor Christopher Waller as his top three contenders.

According to people familiar with the interviews, the field has now narrowed to five: Hassett, Warsh, Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock executive Rick Rieder. Finalists are expected to meet soon with Chief of Staff Susie Wiles and Vice President JD Vance before a nomination is sent to the Senate.

As frustration with Powell grows—Trump recently called him “grossly incompetent”—Hassett’s stock has risen. Trump even joked that if Bessent fails to secure lower rates, he might dismiss him too, though the Treasury secretary remains in good standing and has insisted he doesn’t want the Fed job.

Some analysts warn Hassett could face resistance inside the Federal Open Market Committee if he becomes chair. Renaissance Macro’s Neil Dutta noted that Hassett could struggle to win over colleagues and may be more vulnerable to Trump’s pressure compared with other candidates.

The next Fed chair will be appointed to a 14-year governor term beginning Feb. 1, replacing Stephen Miran, who currently holds that seat on leave from the Council of Economic Advisers. Powell’s term as chair runs until May 2026, though he may choose to remain on the board afterward—potentially opening another vacancy for the administration next year.