As of January 21, 2026, the final candidate for the next Federal Reserve Chair has not yet been determined, but the main contenders are focused on the following four individuals:

Kevin Hasset (Chair of the White House National Economic Council): A core aide to Trump, advocating for significant rate cuts to stimulate the economy, but markets are concerned that his close ties to Trump could threaten the independence of the Federal Reserve.

Chris Waller (Federal Reserve Board Member): A dovish representative supporting gradual rate cuts, considered a candidate with strong independence due to his distance from Trump's inner circle.

Kevin Wash (Former Federal Reserve Board Member): A conservative economist who has recently become a strong contender; Trump has stated that his "interest rates should be much lower."

Rick Reider (BlackRock Executive): Advocates for aggressive rate cuts to 3%, but lacks experience in the Federal Reserve, making his chances of being elected relatively low.

Trump has stated that the nomination will be announced in early 2026, subject to Senate approval. Currently, Waller and Wash are viewed as the more likely candidates, and the market is closely watching how the final choice will influence the monetary policy path.