christopherwaller

Federal Reserve Governor Chris Waller is stepping into a bright spotlight this week right in Washington. President Donald Trump is expected to interview him for the top job at the Fed, once Chair Jerome Powell’s term ends in May.
Waller is not acting like a man who wants to be a “yes” vote. In public remarks and interviews, he has signaled that the central bank must keep its distance from day to day politics. People close to the search say Trump cares most about faster rate cuts.Waller, a steady supporter of easing lately, agrees rates can move lower. But he also says the Fed must decide on facts, not on pressure.
That is why Waller plans to press Trump on one point: protect the Fed’s freedom. He wants a clear understanding that the White House will not try to steer decisions at each meeting. The issue is not academic. Trump has criticized Powell for keeping rates “too high,” and a court fight over who holds power has put Fed independence back in the headlines.
Waller’s pitch is simple. If investors believe the Fed can be pushed around, inflation fears can rise, borrowing costs can jump, and growth can suffer. Independence is not a perk for bankers, he argues. It is a guardrail for families and businesses that need stable prices and steady jobs.
For now, Waller is trying to show he can work with Trump without working for him, a line markets watch closely.
The meeting could reveal whether Trump is ready to accept that guardrail. If Waller gets the chair job, he would still face a split rate-setting group and a tricky economy. But his biggest test may come before the first rate vote: can he keep the Fed’s voice separate, even when the president is in the room?
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