Overview

• Trump’s administration has shortlisted Christopher Waller, Kevin Hassett and Kevin Warsh as leading contenders to succeed Fed Chair Jerome Powell when his term ends in May 2026.
• In an announcement, Trump said Hassett and Warsh “are absolutely…both very good” and signaled an interview process that will narrow the field to three candidates.
• The president tapped Council of Economic Advisers chair Stephen Miran for a temporary four-month Fed board seat vacated by Adriana Kugler, pending his permanent nomination.
• Trump has repeatedly criticized Powell for keeping interest rates at 4.25%-4.5% instead of cutting them to 1% and has accelerated the search for a successor.
• Any final nominee must win Senate confirmation and face scrutiny over political influence on monetary policy given Fed independence safeguards.