Trump Names Top Three Candidates for Fed Chair, Markets Bet on Governor Waller

US President Trump stated on Friday (September 5) that the list of candidates for Federal Reserve Chair has been narrowed down to three individuals.
The three are White House National Economic Council Director Kevin Hassett, Federal Reserve Governor Christopher Waller, and former Federal Reserve Governor Kevin Warsh.

"They are essentially the top three," Trump added, noting that he would also consider US Treasury Secretary Scott Bessent. However, Bessent reiterated that day that he has no interest in the position.

Bessent said, "I am the only person on Earth who does not want this job." Previously, Bessent had revealed that intensive interviews for 11 potential successors to current Fed Chair Powell would begin on September 5.

Another scenario, with a 39% probability, is that "Trump will not announce a candidate until the end of this year." Powell's term is set to end in May 2026. Historically, US presidents typically announce nominees 3 to 6 months before the end of the incumbent's term.

Previously, Trump had hinted that although he already has some preferences, he would insist on following the interview process to make the decision. Hassett mentioned that it might take "a few more months" for Trump to reach a final decision.

It is worth noting that both Waller and Bowman were appointed by Trump during his first term. Compared to other candidates, Waller has significant advantages in terms of governance experience—both Powell and his predecessor Janet Yellen served as Governors before being promoted to Fed Chair.