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Trump Names Hassett, Warsh and Waller as Finalists for Fed Chair

Financial markets await a formal nomination that could reshape expectations for interest-rate cuts.

Former U.S. Federal Reserve Governor Kevin Warsh speaks during a monetary policy conference at Stanford University’s Hoover Institution in Palo Alto, California, U.S. May 9, 2025. REUTERS/Ann Saphir/File Photo
National Economic Council Director Kevin Hassett speaks to reporters at the White House in Washington, D.C., U.S., April 18, 2025. REUTERS/Nathan Howard/File Photo
Federal Reserve Governor Christopher Waller speaks during The Clearing House Annual Conference in New York City, U.S. November 12, 2024. REUTERS/Brendan McDermid/File Photo
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Overview

  • President Trump confirmed Kevin Hassett, Kevin Warsh and Christopher Waller as his top three to succeed Jerome Powell, with Treasury Secretary Scott Bessent saying he is not a candidate.
  • Kevin Hassett leads the National Economic Council, Kevin Warsh is a former Fed governor who has called for “regime change,” and Christopher Waller is a sitting Fed governor viewed as an institutionalist.
  • Bessent is organizing the search and interviews, the timeline remains unclear, Waller said this week he had not yet been scheduled, and Hassett recently suggested a decision could be months away.
  • Trump has pushed for rapid rate cuts and criticized Powell for moving too slowly, while Powell has kept rates on hold this year and signaled a possible quarter-point cut in September.
  • August job growth weakened and unemployment rose to 4.3 percent, investors lifted the odds of a September 16–17 rate cut to above 100 percent, and markets are watching the chair choice for its implications for policy and Fed independence.