Fed governor Chris Waller leaves Trump meeting knowing chair race remains wide open

Federal Reserve governor Chris Waller walked out of the president’s residence knowing the job was not his. He felt it the moment the meeting ended.

He had just finished what officials later called a “strong interview” with President Donald Trump for the Federal Reserve chair role. The talk focused on the labor market, slow hiring, and ways to push job creation. It ended minutes before Trump spoke to the nation about the economy.

Treasury Secretary Scott Bessent, chief of staff Susie Wiles, and deputy chief of staff Dan Scavino sat in. Chris answered everything asked, but he also sensed the truth: the process was still wide open, and he was not at the top.

Another sign was the lineup still ahead. BlackRock’s Rick Rieder will sit down with Trump at Mar-a-Lago in the last week of the year. Officials also confirmed that Michelle Bowman is out of the running.

Kevin Hassett, seen as the favorite in prediction markets, and former Fed Governor Kevin Warsh already had their interviews with the president. The whole setup showed how crowded the race still was.

Trump signals his wider search for a chair

Officials stressed that the conversation with Chris proved wrong any claim that Trump wanted someone who would “bow” to him on interest rates. They said the president was looking across many economic issues.

But Trump has also been blunt about wanting a chair who talks to him. Last week, he told The Wall Street Journal the Fed chair “should consult” with him. He added, “I don’t think he should do exactly what we say. But certainly we’re—I’m a smart voice and should be listened to.” Classic Trump line. Direct. Confident. And yes, Chris heard all of that too.

A day later in the Oval Office, Trump gave Chris warm public remarks when asked by a reporter. He said, “I think he’s great. I mean, he’s been a man who has been there a long time, somebody that I was very involved with.”

Trump nominated him in 2019. Still, the praise did not change the simple fact that Chris was not emerging as the leading pick. Officials kept repeating that the interviews were part of a “highly organized process,” which usually means the decision is nowhere near done.

Trump’s speech Wednesday night made the direction even clearer. He said, “I will soon announce our next chairman of the Federal Reserve, someone who believes in lower interest rates by a lot, and mortgage payments will be coming down even further.” That line alone showed what he wants: someone aggressive on cuts.

Chris lays out his rate views and job worries

Hours before the Oval Office meeting, Chris spoke at the Yale CEO Summit in New York. He said he believed interest rates could fall by 50 to 100 basis points because he expects inflation to drop and is worried about weak hiring.

The Fed governor also reminded viewers that he dissented in July when the Fed held rates steady. That call looked sharp later, with the Fed cutting 75 basis points starting in September.

Officials did not share details of his private conversation with Trump, but the context made the topic clear. The November jobs report showed unemployment rising to 4.6%, up from 4.4% in September. Payroll growth almost stalled. Jobs have become a major political headache.

Trump pushed the point again in his economic speech, saying, “There are more people working today than at any time in American history. And 100 percent of all jobs created since I took office have been in the private sector.”

Since January, the private sector added 687,000 jobs while the government cut 188,000 roles.

And then there was the moment that made everyone in the room laugh. Someone told Trump that Chris can deadlift 350 pounds. The president was said to be “seriously impressed.” Not enough to hand him the top job, but definitely enough to raise eyebrows.

Chris left knowing the truth. The search continues. And he is no longer expecting his phone to ring.

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