Christopher Waller Emerges As Frontrunner To Replace Fed Chair Powell: Report
Federal Reserve Chair Jerome Powell's term is set to end in 2026. However, well ahead of that deadline, US President Donald Trump has already begun the search for his replacement. According to a Bloomberg News report, Federal Reserve Governor Christopher Waller has emerged as a leading contender to succeed Powell.
Waller, who was appointed to the Fed by President Trump in 2020, has recently attracted attention for his policy stance that appears to align with Trump's economic priorities. At the July meeting of the Federal Reserve, Waller, along with Fed Vice Chair Michelle Bowman, another Trump appointee, dissented from the majority view by calling for a cut in interest rates. The rest of the committee opted to keep short-term borrowing costs unchanged.
Trump has long criticised Powell for not lowering interest rates aggressively enough. Waller's more dovish stance on monetary policy may appeal to Trump as he looks for someone who could potentially lead a shift in direction at the central bank. Despite his alignment on rates, Waller, a PhD economist, emphasised the importance of Federal Reserve independence in his first speech as governor, highlighting the delicate balance any future chair would need to strike.
'President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again," said White House spokesperson Kush Desai in a statement.
Waller has reportedly met with members of Trump's transition team and made a strong impression, although he has not yet had a one-on-one meeting with the President himself.
While no final decision has been made, Trump told reporters on Tuesday that his shortlist for Fed Chair is down to four candidates. He confirmed that Kevin Hassett, Director of the White House National Economic Council, and former Fed Governor Kevin Warsh are among those being considered. The identities of the remaining two candidates have not been disclosed, but several reports suggest Waller is currently the favourite.
Speaking to CNBC last week, Treasury Secretary Scott Bessent noted that the selection process will be methodical. 'We'll be interviewing people, so I would expect that we could have an announcement by the end of the year," he said.
Trump also clarified that Bessent, once considered a top contender for the role, has withdrawn from consideration and intends to remain at the Treasury Department.
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