What happened: The White House narrowed candidates to succeed Jerome Powell to Christopher Waller, Kevin Hassett and Kevin Warsh, each offering a distinct approach to policy and communications.
Why it matters
The chair sets the tone on inflation tolerance, the balance sheet and how quickly policy pivots when the data weaken. Markets will parse the pick for cues on the glide path of cuts and the stance on regulation.
By the numbers / context
- Powell’s term ends May 2026; the search is underway well ahead of time.
- Waller: continuity on framework; Hassett: pro‑growth signaling; Warsh: reform‑leaning.
- Investors currently price multiple cuts over the next year.
What to watch
Any public remarks from the finalists on neutral rate estimates, QT, and the inflation channel of tariff policy; and how the pick coordinates with Treasury strategy.