The Federal Reserve is approaching a dual critical juncture: a rate cut cycle and a change of chairmanship. Trump has narrowed the list of candidates for chair to four, namely Harshad, Wosh, Waller, and Riedel. Bowman has officially withdrawn from the candidate pool, and Riedel will undergo interviews in the last week of the year. Trump explicitly stated that the next chair must support significant rate cuts and that monetary policy decisions should be negotiated with his team. The candidate will be finalized within a few weeks. Recently, Trump met with Waller and publicly praised him.