On June 20, Federal Reserve Governor Waller suddenly spoke out in favor of cutting interest rates in July, triggering speculation that “he wants to run for the Fed’s shadow chairman”. In this regard, Nick Timiraos, the “mouthpiece of the Federal Reserve”, said that Waller is expected to become one of the “dark horse” candidates for the chairman of the Federal Reserve next year. His upfront argument that inflation is not the most important concern is a smart move, especially as tariff shocks are emerging. Unlike other potential candidates, Waller has not been hawkish for the past decade, and a dovish-leaning president would not seem contradictory today. Unlike the current chairman, Waller does not have to carry the burden of “two errors of judgment on inflation” because it will not be his legacy.
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