The competition for the Federal Reserve Chair has spread from policy discussions to the game between Washington and Wall Street. In an article by Wall Street Journal reporter Nick, it is mentioned that Wall Street figures and Trump allies are privately lobbying to push their preferred candidates for the next Federal Reserve Chair position. Currently, the core discussion is focused on the 'two Kevins' — Hassett and Walsh. Trump has previously been somewhat dissatisfied with Walsh privately, but Walsh's performance in an interview has left a renewed impression on him.

The article cites informed sources claiming that some insiders on Wall Street are rallying for Walsh, with a clear aim of pushing Hassett out, as Hassett is too closely tied to Trump. If he were to take office, the market would directly price in the risk of 'political interference in the central bank.' However, Walsh's issues are equally evident; he is too eager for the job, and his commitment to interest rate cuts seems more like a strategic statement. If the situation turns unfavorable, he may not lower rates proactively under political pressure like Hassett would.

Nick also references a survey indicating that 81% of corporate executives prefer Waller to be the Federal Reserve Chair, with the two Kevins splitting the remaining votes. Waller draws attention because he has no personal ties to Trump but offers something that other candidates lack: a logically coherent and market-understandable justification for interest rate cuts, as well as a practical track record of pushing for institutional reforms within the system. These reform directions are exactly what Trump, Bassett, and Walsh have all publicly endorsed.

Overall, the landscape is quite clear: Hassett is the most obedient but the least trusted by the market; Walsh is more recognized by the market but his ambitions are too obvious; Waller is the most independent yet least familiar with Trump. The next Federal Reserve Chair will need to choose between the independence of the central bank and alignment with Trump's policies. Personally, I see Hassett still having the greatest chance of winning, as Trump cannot afford the risk of selecting a chair who superficially aligns but gradually becomes estranged after taking office. Currently, the high praise for Walsh and Waller in Wall Street and corporate circles feels more like noise tolerated by the White House, allowing the market to digest potential shocks in advance. The ultimate standard for selection will likely still be who is more controllable.