President Donald Trump‘s shortlist for the next Federal Reserve chair is heating up, fueling bets on deep rate cuts, pressuring the dollar and reigniting concerns over the Fed’s long-guarded independence.
According to a Wall Street Journal report, Trump is considering the following names to replace Jerome Powell, whose term officially ends in May 2026:
- Kevin Warsh: Former Federal Reserve governor between 2006 and 2011 and current Hoover Institution fellow. Warsh is known for advocating tight policy during the Great Recession, but more recently signaled openness to looser monetary conditions.
- Christopher Waller: Sitting Fed governor since 2020. Although appointed by Trump, Waller has generally aligned with Powell’s policy, although some consider him more accommodating on inflation risks. Last week, Waller indicated that the Federal Reserve could cut interest rates as early as July, departing from the current wait-and-see approach by Powell.
- Scott Bessent: Currently Trump’s Treasury Secretary and former chief investment officer at Soros Fund Management. Has limited central banking experience, but is seen as loyal to Trump.
- Kevin Hassett: Former Chair of the Council of Economic Advisers under Trump, with strong academic credentials and vocal support for pro-growth, low-rate policies.
- David Malpass, served as President of the World Bank from 2019 to 2023. Prior to that, he held senior economic roles under Presidents Ronald Reagan and George H. W. Bush. He later served as Under Secretary of the Treasury for International Affairs during Trump’s …