U.S. Federal Reserve Governor Christopher Waller speaks at the C. Peter McCollough International Economic Series at the Council on Foreign Relations in New York, USA, on Thursday, October 16, 2025.
Michael Nagle | Bloomberg | Getty Images
Federal Reserve President Christopher Waller held a “powerful meeting” with President Donald Trump over the central bank chairman’s post, during which the two discussed at length how to stimulate the labor market and job creation, senior administration officials said.
The press conference took place at the presidential palace and ended Wednesday night, just before Trump addressed the nation about the economy. Treasury Secretary Scott Bessent, Chief of Staff Susie Wiles, and Deputy Chief of Staff Dan Scavino also attended the press conference.
BlackRock’s Rick Rieder is scheduled to interview to become Fed chairman at Mar-a-Lago in the last week of the year, officials said. He also said that Fed Director Michelle Bowman is no longer a candidate for him.
National Economic Council Chairman Kevin Hassett and former Federal Reserve Board member Kevin Warsh, who are considered leading candidates in prediction markets, have previously been interviewed by President Trump.
Officials said conversations with Mr. Waller about employment showed concern and that criticism that the president was looking for candidates on the basis that the next Fed chair would follow the president’s whims on interest rates was misplaced. They said the president’s interest in interviewing candidates ranged broadly across a range of economic issues.
President Trump told the Wall Street Journal last week that he believes the Fed chair should consult on interest rates. “I don’t think that means he should do exactly what we say,” the president said. “But certainly we are. I think it’s a sensible opinion and one that should be listened to.”
Answering questions from reporters in the Oval Office on Thursday, President Trump praised Waller. “I think he’s a great guy. I mean, he’s someone who’s been there a long time and someone I was very involved with.” President Trump met with Waller in 2019 and nominated him to the Fed board.
Despite Mr. Waller’s praise and positive interview description, there was no indication that he was the favorite candidate for the job. All that was clear was that the interview process was continuing, clearly indicating that the president had not yet made a decision. Officials said the interviews were being conducted according to a “highly organized process.”
“We will soon announce the next chairman of the Federal Reserve, someone who believes in significantly lowering interest rates. That will reduce mortgage payments even further,” President Trump said in a speech Wednesday.
waller weightlifting
In an interview with CNBC Wednesday at the Yale University CEO Summit in New York before meeting with the president, Waller said he expects inflation to decline and is concerned about a weak job market, which could push interest rates 50 to 100 basis points below current levels.
Waller opposed the Fed’s decision to keep interest rates unchanged in July, a move that appears to have foreshadowed the Fed’s 75 basis point rate cut at its next meeting in September.
Details of what the two discussed about work were not disclosed, but the conversation suggests Trump may be more focused on the issue. The recently released November employment report showed that the unemployment rate rose to 4.6% from 4.4% in September, while employment growth slowed.
“There are more people working today than at any time in American history, and 100 percent of the jobs created since I took office have been in the private sector,” President Trump said in a speech Wednesday.
The private sector has added 687,000 jobs since January, while the government has shed 188,000 jobs as part of the government’s deep job cuts.
On a lighter note, the president is said to have been seriously impressed when Waller was informed that he could deadlift 350 pounds.
