Trump’s Shortlist Reveals Three Contenders for Fed Leadership

U.S. President Donald Trump said Friday that Kevin Hassett, the White House economic adviser, Federal Reserve Governor Christopher Waller, and former Fed Governor Kevin Warsh are the three finalists under consideration to succeed Jerome Powell as chair of the Federal Reserve.

“These are probably the three best candidates,” Trump told reporters in the Oval Office, noting that while he may already have a preferred choice, he remains committed to interviewing each finalist.

Treasury Secretary Scott Bessent, who oversees the selection process, confirmed that he has no interest in taking the role himself despite earlier speculation. “I may be the only person in the world who doesn’t want this job,” Bessent quipped, reiterating his decision to step aside.

Powell’s term ends in May, though the timeline for naming his successor remains uncertain. Bessent told The Wall Street Journal earlier this week that interviews with candidates would begin Friday. Waller said he has not yet been scheduled for an interview, while Hassett remarked in late August that the president’s decision could take “several more months.”

The search for Powell’s replacement comes as the Fed edges closer to cutting interest rates. After holding rates steady since December, Powell signaled in late August that labor market risks now outweigh inflation concerns. A disappointing August jobs report released Friday fueled market bets, with investors assigning a 100 percent probability to a rate cut at the September 16–17 policy meeting.

Trump has repeatedly criticized Powell for leaving rates unchanged this year, accusing the central bank of exacerbating weak jobs data. He has previously called for Powell’s resignation and vowed not to reappoint him once his term ends.

The president’s shortlist sets the stage for a pivotal appointment that could reshape U.S. monetary policy at a time of heightened political pressure and economic uncertainty.