Final five: Trump narrows choice of next Fed chair

President Trump confirmed Tuesday that he has narrowed his choice of the next chair of the Federal Reserve to five candidates, acknowledging that he is having a tough time making a choice.

"Honestly, I like them all," Trump told reporters during a press conference. "I have a great respect for all of them. But I'll make a decision over the next very short period of time."

A decision is expected within the next couple weeks. Trump has little flexibility as Janet Yellen's term as chair is due to expire early next year, and any candidate would need to be vetted by the Senate Banking Committee and voted on by the full chamber, an often lengthy process.

It remains unclear if Trump wants a big change in direction at the Fed. As a presidential candidate, he was critical of Yellen, but he has warmed to her as the stock market and the economy have done well during her tenure. He is set to meet with Yellen on Thursday to discuss whether she would be interested in being reappointed. (The final five candidates were first reported by The Wall Street Journal.)

The president has a rare opportunity to reshape the entire Fed board so early in his term. His first pick, Randal Quarles, was sworn in Monday as vice chairman of supervision, but three other spots on the seven-member board are currently vacant. If Trump does not pick Yellen as the next chair, she could also choose to leave the board, which would open a fourth spot.

Following is who he is considering for the Fed chair slot:

Not long ago, the idea that Trump would reappoint Yellen appeared unthinkable. As a presidential candidate, Trump accused Yellen of playing politics at the Fed, purposely keeping interest rates low to help President Obama. Once in office, however, Yellen's go-slow approach to raising interest rates has benefited Trump and he has sounded increasingly positive about her.

It still seems more likely than not that the president will choose someone else for the spot, if only so that he can make his own pick and not reappoint one inherited from his predecessor. Yet keeping Yellen would avoid any potential market uncertainty surrounding the choice and give him a Fed chair who's obviously qualified for the role.

Fed Gov. Jerome Powell was once considered a dark horse for the Fed chair slot, but he's seen as an increasingly viable choice. Powell has already been confirmed by the Senate, which makes the process for Fed chair easier, and is seen as a way for Trump to stay the current course on interest rates while also putting his own stamp on the board.

Powell is a former visiting fellow at the Bipartisan Policy Center and worked for the Treasury Department in the George H.W. Bush administration.