U.S. Federal Reserve Governor Christopher Waller speaks during the C. Peter McColough Series on International Economics at the Council on Foreign Relations in New York, U.S., on Thursday, October 16, 2025.
Michael Nagle | Bloomberg | Getty Images
Federal Reserve Governor Christopher Waller had a “powerful interview” for the central bank chair position with President Donald Trump, according to senior administration officials, in which the two discussed at length the labor market and how to boost job creation.
The interview took place at the president's residence and ended shortly before Trump addressed the nation on the state of the economy on Wednesday evening. Treasury Secretary Scott Bessent, Chief of Staff Susie Wiles and Deputy Chief of Staff Dan Scavino also took part in the interview.
The officials said BlackRock's Rick Rieder is scheduled to be interviewed for the Fed chair post at Mar-a-Lago in the final week of the year. Fed Governor Michelle Bowman is no longer a candidate for the post, it was also said.
National Economic Council Director Kevin Hassett, the favorite for the job in forecasting markets, and former Fed Governor Kevin Warsh were previously interviewed by Trump.
The officials said the jobs conversation with Waller showed concern and that criticism was misplaced that the president was looking for a nominee based on the criteria that the next Fed chair would bow to the president's whims on interest rates. They said the president's interest in interviewing candidates was broad and covered a range of economic issues.
Last week, Trump told the Wall Street Journal that he thought the Fed chair should consult with him about interest rates. “That doesn’t mean — I don’t think he should do exactly what we say,” the president said. “But definitely we are – I’m a smart voice and I should be heard.”
In the Oval Office on Thursday, Trump praised Waller in response to a reporter's question. “I think he's great. I mean, he's a guy who's been around a long time, someone I've been very connected to.” Trump interviewed Waller in 2019 and nominated him for Fed governor.
Despite Waller's praise and positive description of the interview, there was no indication that he was a favorite candidate for the job. It was only clear that the process of interviews continues with the obvious conclusion that the president has not yet made a decision. Officials said the interviews followed a “very well-organized process.”
In his speech on Wednesday, Trump said: “I will soon be announcing our next chair of the Federal Reserve, someone who believes in significantly lower interest rates, and mortgage payments will fall even further.”
Waller's weightlifting
In an interview with CNBC on Wednesday at the Yale CEO Summit in New York, which came before his meeting with the president, Waller said he believes interest rates could fall 50 to 100 basis points below current levels because he expects inflation to decline and is concerned about the weak labor market.
Waller disagreed in July when the Fed left interest rates unchanged, a move that seemed prescient since the Fed cut interest rates by 75 basis points starting at the next meeting in September.
No details were revealed about what the two men discussed about jobs, but the conversation suggests Trump may focus more on the issue. The most recent jobs report in November showed the unemployment rate rising to 4.6% from 4.4% in September, while wage growth slowed to a minimum.
In his speech Wednesday, Trump said, “More people are working today than ever before in American history. And 100 percent of all the jobs created since I took office have come in the private sector.”
Since January, the private sector has added 687,000 jobs and the government has lost 188,000 as part of the government's sweeping job cuts.
On a lighter note, the President was said to have been seriously impressed when told that Waller could deadlift 350 pounds.