The race for the chair of the Federal Reserve has intensified! "Dove-like" board member Wall will be interviewed by Trump.

The game around the selection of the next Federal Reserve Chairman continues to intensify. Informed sources revealed that US President Trump will interview current Federal Reserve Governor Waller on Wednesday. The sources pointed out that the relevant selection process is still rapidly progressing, and the interview arrangements may be adjusted, postponed, or even canceled at any time as Trump further weighs his options. Just last week, Trump interviewed former Federal Reserve Governor Kevin Warsh and publicly stated that Warsh, along with White House National Economic Council Director Kevin Hassett, is at the top of his consideration list. Waller was nominated to the Federal Reserve Board as Trump's first presidential term approached its end in 2020 and was confirmed by the Senate. This year, he has become one of the key figures within the Federal Reserve supporting interest rate cuts. The Federal Reserve has cut rates by 25 basis points in the last three meetings. In July, at the last meeting of the Federal Reserve where interest rates were held steady, Waller voted against, advocating for a rate cut. The White House has not commented on Waller's interview arrangements. It is worth noting that in a survey of economists by the media in October, Waller was rated as the most favored candidate for Federal Reserve Chairman. On Wall Street, Waller's advantage lies in his relatively logical and solid theoretical basis in arguing for interest rate cuts this year, and he is considered capable of playing a coordinating role within the Federal Reserve amid significant internal disagreements. Some of Waller's views supporting rate cuts have been adopted by current Chairman Powell. In recent decision-making processes, Powell faces unusually broad internal resistance from officials more concerned about inflation risks. However, Waller is still seen as a "dark horse" or even a clear disadvantageous candidate. On the one hand, his personal relationship with Trump is not as close as Warsh and Hassett's; on the other hand, some around Trump are still upset about Waller's vote in support of a one-time 50 basis point rate cut in September 2024. The vote took place before Trump re-entered the White House, but some loyalists see this stance as "not loyal enough." Trump himself remains very dissatisfied with his decision to appoint Powell as Federal Reserve Chairman in 2017. Last week, he openly stated in an interview that he followed the "wrong advice" of then-Treasury Secretary Mnuchin at the time, and he will therefore be more cautious this time around. According to the schedule, Waller will deliver a speech on the economic outlook in New York on Wednesday morning. US Treasury Secretary Benson said on Tuesday that Trump is likely to announce the final candidate in early January next year and will interview one or two candidates this week and next week. "Everything is at the president's own pace," Benson said in an interview. "He is very, very cautious." Benson also revealed Trump's interview style, stating that the president will directly question candidates about their monetary policy stance, the Federal Reserve's institutional framework, and the economic outlook. He cited an example where Trump "went back to the most fundamental question in his usual way" during an interview, directly questioning why the Federal Reserve needs to hire so many PhD-level economists. Benson added, "There was no satisfactory answer at the time." Regarding other candidates, Benson said that Warsh and Hassett are both "very, very qualified." Addressing recent questions about Hassett's "overly close relationship with the president and its possible impact on independence," Benson pointed out that there have been many officials who have served in the White House who have gone on to become Federal Reserve Chairman. Benson said, "Kevin Hassett is a highly qualified PhD-level economist with a very impressive background."