TradingKey – Christopher Waller, current member of the Federal Reserve Board of Governors, has reportedly become a top contender among Trump advisers to replace Jerome Powell as the next Fed Chair.
Sources familiar with the matter say that Waller has already met with Trump’s advisory team, with discussions described as productive. He is particularly appreciated for his data-driven approach and his deep understanding of the Federal Reserve system. Although he has not yet met with Trump directly, his chances of making the final shortlist are said to be rising.
[Source: Kalshi]
Stephen Miran, Chair of the White House Council of Economic Advisers, noted that Waller has been remarkably accurate in forecasting inflation over the past two years, and “has not fallen victim to tariff panic syndrome.” At last week’s FOMC meeting, Waller—alongside fellow Trump appointee Michelle Bowman—voted in favor of an immediate 25 basis point rate cut, citing signs of a weakening labor market.
Waller was nominated to the Fed by Trump in 2020, after serving as a senior executive at the St. Louis Federal Reserve Bank. In 2022, he notably advocated for a “soft landing” approach during high-profile debates with economists such as Larry Summers, an approach that was later validated by incoming economic data.
While Trump has repeatedly criticized Powell for being “too slow to act,” there is growing focus on whether the next Fed Chair would maintain the central bank’s independence. On this issue, Waller has publicly stated that Fed independence is essential to economic stability, adding that while presidents are entitled to express views, they should not interfere in policy execution.
Jerome Powell’s current term ends in May 2026. According to Trump’s camp, the nomination for the next Fed Chair would be announced no later than after the election.