(Bloomberg) — President Donald Trump suggested that Jerome Powell would not enjoy his tenure if he stayed on the Federal Reserve’s Board of Governors after his term as chair expired, in the latest broadside against the central bank chief.

“We’ll see how it all works out,” Trump said in an interview from Davos, Switzerland with CNBC that aired Wednesday. But when pressed on Powell potentially staying on as a Fed governor until 2028, Trump who has been searching for a replacement chair, cautioned that “if that happens, his life won’t be very, very happy, I don’t think.”

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The Trump administration has intensified its fight against the current Fed chair, issuing subpoenas hinting at a possible criminal probe into the central bank’s renovation of its Washington headquarters. Powell’s forceful pushback to that investigation — denouncing the probe as an attempt at “political pressure” — has spurred speculation that he might choose to stay on even after his term as chair ends in May.

Under such a scenario, Powell would likely retain strong influence over policymaking decisions at the world’s most powerful central bank.

Trump’s months-long search for a new Fed chair appears to be nearing its conclusion, with the president on Wednesday saying that he had whittled down the list of contenders in what is seen as a four-person race.

“I’d say we’re down to three, but we’re down to two, and I probably can tell you we’re down to maybe one in my mind,” Trump said.

BlackRock Inc.’s Rick Rieder, National Economic Council Director Kevin Hassett, Fed Governor Christopher Waller and former governor Kevin Warsh are seen as the final candidates after a search that was led by Treasury Secretary Scott Bessent.

Hassett was previously considered the frontrunner for the role but last week Trump expressed worries that moving Hassett to the Fed would deprive his administration of a powerful messenger on economic policy, a concern he reiterated on Wednesday.

“I like actually keeping him where he is,” Trump said.

Rieder, BlackRock’s chief investment officer of global fixed income, has gained momentum, according to some people familiar with the matter, who say he is viewed as potentially easier to confirm.

The Trump administration’s subpoenas to the Fed have also threatened to complicate Trump’s ability to secure confirmation for whomever he picks to replace Powell. Senator Thom Tillis, a Republican on the chamber’s banking committee, has vowed to oppose any Fed nomination until that case is resolved.

Trump downplayed concerns about that scenario in the CNBC interview, replying to questions with a “whatever.”

“He’s not going to be a senator too much longer,” he said of Tillis, who is not seeking reelection this year.

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