The Trump administration is in the process of selecting its next Federal Reserve Chair, sparking speculation from market analysts and investors. According to a report by CITIC Securities, key contenders are Waller and Hassett, with the choice seen as reflecting President Donald Trump’s preference for either the ‘most suitable’ or ‘most compliant’ candidate. While Hassett appears favored at this stage, Trump’s close ties to Besant suggest that his input could result in an unexpected outcome during the selection process. The report points out previous market responses to nominees under Trump and the challenges faced by Milan in gaining Senate confirmation, suggesting that Hassett’s election may be unlikely. Consequently, Waller is anticipated to emerge as the victor, potentially leading to a less independent Federal Reserve, with positive implications for U.S. dollar assets while potentially negatively impacting gold. If Hassett is chosen, market response might trigger a predictable reaction, potentially hindering U.S. dollar assets and benefiting gold, as expectations of interest rate cuts next year may surge.