Suppose Trump picks Fed Governor Chris Waller, a current member of the FOMC. In that case, he expects Waller to start lobbying for rate cuts immediately – essentially holding the FOMC hostage, twisting arms, and doing whatever is necessary to get the Fed to cut rates now. If Waller cannot do this, then he’s not up for the job according to Trump’s standards. Is Waller ready for this Hobbesian choice? Is the Fed prepared for a potential onslaught from within starting very soon? If Trump picks an outsider, like Warsh or Hassett, they have far less power until they actually become Fed chair in May 2026. The Fed has time to prepare.