Gary Cohn is no longer being considered for Fed Chair, Bloomberg reports

Trump is down to four candidates for the position, and Jerome Powell and Kevin Warsh are considered favorites.

Powell, a current Fed governor, would signal continuity; Warsh comes from a politically influential family, but may be seen as too young.

President Donald Trump keeps teasing his eventual decision to appoint the next Federal Reserve Chair as if it were a certain reality show. Except, in this case, the winning contestant gets to play one of the most powerful roles in the world economy, including setting US monetary policy and regulating Wall Street.

In the latest twist, Bloomberg is reporting that Gary Cohn, the president's economic adviser, is officially out of the race.

While the president has also dangled the possibility of reappointment before current chair Janet Yellen, her chances are seen as slim — she’s a liberal Democrat who has voiced concern about Trump’s desire to roll back post-crisis financial rules she was charged with implementing.

The two favorites are Jerome Powell, a former private equity magnate now on the Fed’s board, and Kevin Warsh a former Fed governor and Morgan Stanley banker whose wealthy family is a major Republican donor.

Also on the list, but unlikely as picks, are John Taylor, a former Treasury official under George W. Bush who has advocated for raising rates sooner and more quickly and Gary Cohn, head of the president’s National Economic Council.

Cohn was long seen as a shoo-in for the Fed position, but then he voiced some concern about Trump’s non-condemnation of Nazis after the violence in Charlottesville, Virginia, in August, leading to a falling out between the two. Another reason to doubt Cohn’s appointment is that Trump really needs him around if he wants to try to pass his tax cut plan. Cohn is a former president of Goldman Sachs.

Here are more details about Trump’s Fed chair final four, now that Cohn is out of the picture :