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Highlights
- These three candidates have emerged from an earlier list of 11 candidates to replace Powell.
- Trump again said that he considered Bessent, but the Treasury Secretary doesn't want to take up the job.
- Waller is leading as the likely candidate to replace Powell.
U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed Chair Jerome Powell. This comes ahead of the FOMC meeting, which could prove pivotal for the crypto market.
Trump Names Three-Man Shortlist For Fed Chair
According to a Reuters report, the U.S. president said that Kevin Hassett, former Fed Governor Kevin Warsh, and Fed Governor Chris Waller are on the short list of candidates to succeed Jerome Powell. He also mentioned that he would consider Treasury Secretary Scott Bessent, who said he is not interested in taking up the position.
This development follows Bessent’s earlier statement that there were 11 “strong” candidates in line to become the next Fed Chair. Back then, he revealed that they would start interviews after Labor Day and present a shortlist to Trump.
Meanwhile, Trump has already made it clear that he intends to appoint someone who aligns with his push for rapid rate cuts amid his criticism of Powell, who has so far opted against cutting rates this year.
Notably, Waller has indicated that he aligns with the president’s push for interest rate cuts. During a recent interview, the Fed Governor said that he would support a rate cut at the upcoming FOMC meeting. He doesn’t see the Trump tariffs leading to higher inflation and believes that they can make multiple rate cuts between the next three to six months.
As Trump’s aide, Hassett has also been vocal against the Federal Reserve and known to be dovish. As such, he could also move to make rapid interest rate cuts in line with Trump’s vision if he becomes the Fed Chair. Meanwhile, Warsh has been more tight-lipped on where he stands regarding the state of the economy.
Waller Emerges As Favorite For The Job
Polymarket data shows that Chris Waller is currently the favorite to replace Jerome Powell. There is currently a 28.7% chance that Trump will name him as the next Fed Chair by December this year.
CoinGaope had earlier reported that the Trump team favors Waller because of his forward-looking approach and willingness to work with projections rather than wait on incoming data. Notably, the Fed Governor is also open to the crypto industry, even as the Federal Reserve is set to host a ‘Payments Innovation’ conference that will center on stablecoins and tokenization.
Meanwhile, Hassett and Warsh have a 17.2% and 10.8% chance, respectively, of emerging as the next Fed Chair before year-end. There is also a 40% chance that the president won’t name Jerome Powell’s successor before year-end.
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