The search for the next Federal Reserve chair is picking up speed. President Donald Trump plans to interview U.S. Federal Reserve Governor Christopher Waller on Wednesday, according to a report from The Wall Street Journal citing sources familiar with the matter.

A Fast-Moving Process With Dovish Candidates

The selection timeline is fluid, with meetings potentially being rescheduled or canceled as Trump weighs his options. What's clear is that the leading candidates share similar profiles: they bring deep institutional knowledge, market-friendly perspectives, and generally dovish leanings as Trump seeks to reshape the Fed's direction.

Waller fits that mold. He's been vocal about supporting further interest rate cuts, including backing a cut at the Fed's December meeting. His reasoning? Growing risks from a weakening labor market. Waller has emphasized that labor conditions are his primary concern while downplaying inflation worries, stating he's not concerned about inflation accelerating or expectations rising significantly.

The candidate pool to succeed Jerome Powell reportedly includes Waller, Kevin Hassett, Michelle Bowman, Rick Rieder, and Kevin Warsh, according to reports from August. Trump recently told the WSJ that the next Fed chair should seek his input on interest rate decisions, though he doesn't expect them to automatically adopt his views—just to consider them.

Warsh Surges on Prediction Markets

Waller's interview follows Trump's recent comments about narrowing his focus to two main contenders: National Economic Council Director Kevin Hassett and former Federal Reserve governor Kevin Warsh.

Warsh has gained significant momentum lately. Polymarket traders have pushed his nomination probability to 46% from just 11% one week ago, making him the clear betting favorite for the role.

Meanwhile, Hassett has taken a notably independent stance. Despite being considered a strong candidate, he's emphasized that Trump's views wouldn't carry much weight in interest rate decisions if he were appointed as Fed chair—an interesting positioning given Trump's stated desire for input on rate policy.