Trump Narrows Fed Chair Shortlist to Four, Eyes Pro-Growth Shift

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Federal Reserve Chair Jerome Powell came under renewed fire from President Donald Trump this week, as the Republican frontrunner once again blasted Powell for being “too slow” to cut interest rates, accusing him of relying on “highly politicized” labor statistics. Trump’s latest criticism comes amid growing speculation about the future leadership of the Fed — a power that could return to his hands if he wins the November election.

Speaking candidly in a recent media appearance, Trump said he has narrowed his list of potential successors to Powell down to four candidates. Notably absent from that list is Treasury Secretary Scott Bessent, whom Trump said he “really likes” but who “wants to stay at Treasury.”

Instead, two names now lead the pack: former Fed Governor Kevin Warsh and current National Economic Council Director Kevin Hassett — collectively dubbed the "Two Kevins." Warsh, who served on the Fed Board from 2006 to 2011 and played a key role during the global financial crisis, is seen as a Wall Street-friendly moderate hawk. Hassett, one of Trump’s closest economic advisers, previously chaired the White House Council of Economic Advisers and is known for aligning closely with Trump’s growth-oriented agenda.

A third contender has quietly emerged: Christopher Waller, a sitting Fed Governor. Waller recently broke ranks at the latest FOMC meeting by voting in favor of a rate cut, citing limited inflation risks from tariffs and signs of weakening labor markets. His dovish stance mirrors Trump's demand for a looser monetary policy — especially if Trump returns to the White House in January.

But it’s not just the usual suspects in play. A surprise resignation has cracked open a path for a potential Fed shake-up even before the election. Adriana Kugler, a Fed Governor appointed by the Biden administration, unexpectedly announced her resignation last Friday. Her departure, effective this coming Friday, presents Trump with an opportunity to install a new Fed Governor — someone who could later be elevated to Chair.

And that’s where the race gets even more unpredictable.

According to sources familiar with the matter, James Fishback, CEO of investment firm Azoria, had a phone call with Trump on Monday, pitching himself for a temporary Fed role. Fishback, who once advised the now-defunct Department of Government Efficiency (DOGE), has reportedly submitted background materials to a senior Trump aide.

Adding to the intrigue, veteran macro strategist Jim Bianco noted on social media platform X that “another unnamed candidate” may also be under serious consideration — raising the possibility of a dark horse entry in this high-stakes economic audition.

Trump’s urgency to finalize Kugler’s replacement before the end of the week suggests that the nomination could serve as both a policy pivot and a political signal. The next Fed Governor could shape near-term monetary policy — and potentially step into Powell’s role if Trump retakes the presidency.

As markets digest the implications of a Trump-influenced Fed and a looming leadership transition, one thing is clear: Powell’s time at the helm looks increasingly uncertain — and the "Two Kevins," Waller, and a wildcard outsider are circling fast.