The Wall Street Journal: Trump is expected to interview Federal Reserve Governor Waller on Wednesday for the selection of the Federal Reserve Chairman

On Tuesday, the Wall Street Journal reported, citing informed sources, that U.S. President Trump will interview another candidate for Federal Reserve Chair on Wednesday—Federal Reserve Governor Christopher Waller. Officials stated that the process is progressing rapidly, and Trump is still weighing his options, so the meeting could be postponed or canceled at any time.

Last week, Trump interviewed former Federal Reserve Governor Kevin Warsh. Trump indicated that Warsh, along with Kevin Hassett, the Director of the National Economic Council, is his top choice for the position.

Waller was nominated to the Federal Reserve Board during Trump's tenure and was confirmed by the Senate at the end of Trump's term in 2020. This year, he has become one of the main advocates for interest rate cuts within the Federal Reserve. The Federal Reserve has cut rates by 25 basis points at each of its last three meetings. Waller voted against maintaining rates in July, advocating for a rate cut; that was the last time the Federal Reserve held rates steady in recent meetings.

Among all candidates considered for the Federal Reserve Chair, Waller was rated as the top choice in the Wall Street Journal's October survey of economists.

Waller is generally well-regarded on Wall Street, as he has provided some of the most logically coherent and theoretically sound arguments for rate cuts this year, and is seen as capable of fostering consensus amid divisions within the Federal Reserve. Several of his views on rate cuts have been adopted by Federal Reserve Chair Powell; Powell has recently faced rare and widespread internal opposition from other Federal Reserve officials, particularly those more concerned about inflation risks.

However, Waller is still viewed as a clear "dark horse" candidate, partly because he does not have personal ties to Trump like Warsh and Hassett do, and partly because some close to Trump are dissatisfied with Waller's support for a one-time 50 basis point rate cut in September 2024 (which occurred before Trump became president), viewing this action as lacking loyalty.

Trump remains extremely dissatisfied with his decision to appoint Powell as Federal Reserve Chair in 2017. In an interview with the Wall Street Journal last week, he stated that this time he wants to be more cautious, as then-Treasury Secretary Steven Mnuchin gave him "bad advice."

Waller is scheduled to speak in New York on Wednesday morning about the economic outlook.

U.S. Treasury Secretary Scott Bessent stated on Tuesday that Trump is likely to announce his final decision in early January next year and will interview one to two candidates this week and next. "Everything is at the president's own pace. He has been very, very cautious."

Bessent also revealed Trump's interview style, stating that the president directly questions candidates about their views on Federal Reserve policy, central bank structure, and the future path of the economy. "In one of the interviews, the president, as always, traced the questions back to the most basic principles in his unique way," Bessent said, recalling that Trump questioned why the Federal Reserve employs so many PhD economists. "That question did not receive a good answer," Bessent added Besant described Waller and Haskett as "both very, very qualified." In response to recent criticisms regarding Haskett's close relationship with Trump, which may affect his independence, he pointed out that historically, several officials who have served in the White House have also held the position of Federal Reserve Chair. "Kevin Haskett is an extremely solid and well-qualified PhD in economics," Besant said