Trump interview with Waller signals narrowed Fed chair shortlist
Interview centers on labor market and job creation as four-candidate pool is maintained for Fed chair role
President Donald Trump has interviewed Federal Reserve Governor Christopher Waller as he narrows his search for a new Fed chair to four candidates, according to multiple people familiar with the matter. The meeting at the White House residence focused on the labor market and how to spur job creation, and it concluded shortly before Trump addressed the nation on the economy Wednesday night, the sources said. The report aligns with earlier coverage from CNBC and Reuters describing a deliberate, process-driven review rather than a single-minded push toward rate cuts.
Officials told CNBC that the pool of four candidates includes Waller; National Economic Council Director Kevin Hassett; former Fed Governor Kevin Warsh; and BlackRock fixed-income chief Rick Rieder. Federal Reserve Governor Michelle Bowman is no longer under consideration. Hassett and Warsh have already been interviewed; Warsh and Rieder are the remaining two to be vetted, with Rieder scheduled to interview during the last week of the year at Mar-a-Lago, per officials. The narrowing of the list to four underscores the White House’s ongoing effort to balance policy philosophy and experience in selecting the next Fed chair.
The discussions with Waller reportedly centered on jobs and the health of the labor market, with Trump pushing back on criticism that a Fed chair chosen by the administration would simply toe the president’s line on interest rates. Officials described the talks as broad-based across a range of economic issues, not narrowly focused on rate cuts. That framing stands in contrast to some public remarks by Trump in which he has suggested the Fed chair should coordinate with him on policy decisions, though the interview process itself is described as deliberative and comprehensive.
In remarks Wednesday night, Trump reiterated his intention to appoint a chair who would pursue lower rates, telling viewers that the next Fed chair should be guided by policies that support housing and economic growth. He said, “I will soon announce our next chairman of the Federal Reserve, someone who believes in lower interest rates by a lot, and mortgage payments will be coming down even further.” He also stressed that he is a “smart voice” to be listened to, while noting that the final decision rests with him and a careful review of candidates.
Waller has publicly aligned himself with the easing direction in recent months. Speaking to CNBC on Wednesday at the Yale CEO Summit in New York — before his meeting with Trump — Waller said he believes interest rates could fall by 50 to 100 basis points below current levels. He said he expects inflation to continue easing and expressed concern about a weakening labor market. The comments reflect a view that monetary policy could provide support if inflation decelerates and growth risks materialize, even as official candidates are weighed.
Trump interviewed Waller in 2019 and later nominated him to the Federal Reserve Board. In the Oval Office on Thursday, the president again praised Waller, calling him “great” and noting that he has been “there a long time,” a characterization reflecting Waller’s long tenure on the Fed board and within the central bank system. The interview with Waller occurred just before that public praise and before the administration’s formal announcement of the candidates’ status.
White House spokesperson Kush Desai issued a statement reiterating that Trump is “committed to nominating the best and most qualified individuals to turn the Biden economic disaster around,” while cautioning that speculation about the process is pointless until an official announcement is made. The statement reinforces the administration’s message that the selection process remains active and methodical, with several candidates moving through interviews.
Rieder is scheduled to interview with Trump at Mar-a-Lago during the last week of the year, according to officials, keeping the four-candidate pool intact while the president reaches a final decision. The public timeline suggests that the White House intends to balance continuity with policy flexibility, weighing the potential risks and benefits of each candidate’s approach to inflation, employment, and financial stability in the years ahead.
The development comes as markets and policymakers watch for signals about the Federal Reserve’s leadership direction during a period of evolving macroeconomic conditions. Trump has signaled a preference for leadership that prioritizes lower rates as the U.S. economy seeks to sustain a recovery path, while Treasury and White House officials emphasize the importance of appointing a chair with broad economic competence and independence from political interference. The final decision remains pending, with official announcements expected only after thorough vetting and deliberation among the president and his advisers.