Trump quizzes Fed Governor Waller for chair job — and the chat reportedly kept circling back to jobs

The original story by Steve Liesman for CNBC.

Fed Governor Christopher Waller had what two senior administration officials described as a “strong interview” with President Donald Trump for the Federal Reserve chair job — a sit-down that leaned heavily into the labor market and how to juice job creation.

According to those officials, the interview happened in the president’s residence and wrapped up shortly before Trump delivered his televised economic address Wednesday night. Treasury Secretary Scott Bessent, chief of staff Susie Wiles, and deputy chief of staff Dan Scavino were also in the room.

The shortlist for the Fed chair job has now narrowed to four names: National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, Waller, and BlackRock executive Rick Rieder. Rieder is set to interview at Mar-a-Lago during the last week of the year, the officials said. They also said Fed Governor Michelle Bowman is no longer in contention.

Even with the upbeat review of Waller’s meeting, officials cautioned that it shouldn’t be read as a sign he’s the frontrunner. The broader message: the process is still moving, and Trump hasn’t landed on a final pick.

What stands out isn’t just that Waller got face time — it’s what they reportedly focused on. Administration officials said the conversation’s emphasis on jobs undercuts criticism that Trump is only looking for a Fed chair who’ll rubber-stamp his preferred rate cuts. In their telling, Trump’s interviews have ranged across economic issues, not just interest rates.

That said, Trump hasn’t exactly hidden what he wants. Last week, he told The Wall Street Journal the Fed chair should consult with him on rates — while adding he didn’t expect blind obedience. Then in Wednesday’s speech, he went a step further, promising he’ll name a chair who believes in “lower interest rates by a lot.”

On Thursday in the Oval Office, Trump praised Waller when asked about him, calling him “great” and noting he was involved in bringing Waller onto the Fed as a governor after interviewing him in 2019.

Waller, speaking earlier Wednesday on CNBC from the Yale CEO Summit (before meeting Trump), argued that rates could drop another 50 to 100 basis points from current levels if inflation cools as he expects — and because he sees signs of a weakening labor market.

He also pointed to his July dissent, when he opposed the Fed holding rates steady — a stance that looks smarter in hindsight given the Fed later cut rates by 75 basis points starting in September.

The latest jobs picture gives that argument some fuel. The November report showed unemployment ticking up to 4.6% from 4.4% in September, while payroll growth slowed sharply — the kind of data that tends to get Washington’s attention fast, especially heading into an election-year-style political environment.

In his Wednesday speech, Trump claimed the country has more people working than ever, and said all job gains since he took office have been in the private sector. The numbers cited in the piece: 687,000 private-sector jobs added since January, alongside 188,000 government jobs lost amid administration cuts.

And then, because politics always finds a way to get weirdly personal: officials said Trump was “seriously impressed” to learn Waller can deadlift 350 pounds.

Bottom line: Waller’s interview may not mean he’s leading the pack — but it does hint Trump could be steering the Fed-chair conversation toward the job market as much as the rate debate.