President Donald Trump’s administration has narrowed its search for the next Federal Reserve Chair to five contenders, hinting at a major shift in the central bank’s direction in 2026. Treasury Secretary Scott Bessent confirmed that the shortlist will be presented to Trump “right after Thanksgiving,” with a final decision expected before the end of the year.
The finalists include Christopher Waller, Michelle Bowman, Kevin Warsh, Kevin Hassett, and Rick Rieder, a blend of policy insiders, economists, and Wall Street veterans. Given Trump’s frequent criticism of Jerome Powell for being “too slow to cut rates,” the next Fed leader is expected to favor a more aggressive, pro-growth policy stance that aligns with Trump’s economic vision.
Christopher Waller The Pragmatic Insider
Appointed by Trump in 2020, Christopher Waller is known for his independent and analytical approach. He has consistently called for faster rate cuts to stimulate growth, setting him apart from more cautious Fed members. Waller’s balanced perspective between inflation control and economic expansion has earned him respect inside the Fed, though his independent streak might clash with Trump’s preference for loyalty-driven leadership.
Michelle Bowman The Banking Regulator
Michelle Bowman, currently the Fed’s Vice Chair of Supervision, oversees the country’s banking regulations. Appointed in 2018, she’s known for her pragmatic views and support for modest, steady rate cuts. Her experience as Kansas’ former bank commissioner gives her insight into both local and national financial systems, making her a potential favorite for Trump’s goal of encouraging lending and liquidity.
Kevin Warsh The Policy Veteran
Kevin Warsh, a former Fed governor and Bush administration economic adviser, brings deep institutional experience and a reform-oriented mindset. Now a lecturer at Stanford and a Hoover Institution fellow, Warsh advocates for a leaner and more transparent Fed. His long history in financial markets could align with Bessent’s criticism of the Fed’s “market distortions” from prolonged intervention.
Kevin Hassett The Loyal Adviser
Kevin Hassett, one of Trump’s closest economic advisers, helped shape much of the administration’s fiscal agenda during the first term. Known for his loyalty and media presence, he could ensure Trump’s economic goals are reflected in Fed policy. However, his strong political ties might raise concerns about maintaining the Fed’s independence from White House influence.
Rick Rieder The Market Strategist
Rick Rieder, BlackRock’s veteran investor overseeing $2.4 trillion in assets, is the market expert among the five. His background in fixed income and liquidity management could make him a stabilizing force for financial markets. Rieder’s appointment would likely reflect a Wall Street-friendly approach focused on balancing rate cuts with market stability.
Crypto Market Impact
The Fed’s next chair will have ripple effects across the crypto market. A dovish candidate, such as Waller or Hassett, who favors lower interest rates, could revive investor optimism, pushing Bitcoin and altcoins higher as liquidity expands. On the other hand, a pragmatic or conservative choice like Rieder might temper enthusiasm, keeping crypto markets cautious but stable. Ultimately, Trump’s pick could determine whether digital assets enter a new growth cycle or face a period of consolidation under tighter oversight.
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