Of the five people considered in the running for the Fed chair position, only one really strikes any fear into the market's heart.
The rest either are considered more likely to adhere to the central bank's current collective philosophy or have little real chance of getting President Donald Trump's nomination — or a little of both.
John Taylor, a Stanford economist and proponent of a rule bearing his name, might push the Fed into a considerably different direction than investors have been used to for the past 12 years.
"I suspect the markets would be most pleased with some form of continuity. Things have gone so well for markets the last few years," said Ed Keon, managing director and portfolio manager at QMA. Worry over what Taylor might do "is a legitimate concern. The most famous rule for a mechanical approach to monetary policy bears his name."
Three of the other candidates — current Chair Janet Yellen, Fed Governor Jerome "Jay" Powell and Trump economic advisor Gary Cohn — are distinct without being terribly different. Also, by this point Cohn, who would take a more deregulatory approach than the others, has been all but completely dismissed as a legitimate contender.
Finally, there's Kevin Warsh, a former Fed governor who would provide a break from the monetary philosophy of the Yellen-Ben Bernanke Fed. However, his chances seemed to have diminished in recent weeks, as public pronouncements from Trump have not mentioned Warsh.
Markets for now figure that Powell is the leading contender. A source told CNBC on Friday that Trump remains undecided but is leaning toward Powell.
However, market participants are keeping an eye on Taylor for his potential to be a transformative central bank leader. Taylor is thought to be the preferred pick of Vice President Mike Pence, while Treasury Secretary Steve Mnuchin reportedly favors Powell.