The race to lead America's central bank apparently has a final two, and they share the same first name.

Meet the Two Kevins

President Donald Trump told The Wall Street Journal from the Oval Office on Friday that he's deciding between National Economic Council Director Kevin Hassett and former Federal Reserve governor Kevin Warsh for the next Fed chair position.

Recent betting markets had positioned Hassett as the frontrunner, but Trump's comments suggest this thing isn't over yet. When asked if Warsh ranks high on his list, Trump responded: "Yes, I think he is. I think you have Kevin and Kevin. They're both—I think the two Kevins are great. I think there are a couple of other people that are great."

Hassett, who holds a doctorate in economics and has worked with the administration on and off since 2017, has pushed back against speculation that he's already won the job. Meanwhile, Warsh met with Trump for a forty-five-minute strategy session at the White House last Wednesday, where the president reportedly pressed him on a key question: would he be willing to cut interest rates?

What Trump Wants From His Fed Chair

Policy alignment on monetary loosening appears to be the deciding factor. Trump confirmed that Warsh agrees with the need to bring rates down, which matters because the president has strong opinions about where borrowing costs should go.

Trump's target is ambitious: he wants rates at 1% or lower. His reasoning is that the U.S. should have the world's lowest borrowing costs to help finance $30 trillion in national debt. That's quite a bit lower than the current range of 3.5% to 3.75%, which the Fed just reached after a quarter-point cut at its latest meeting.

Trump also laid out his view on how the Fed chair should operate. He argued that whoever leads the central bank ought to consult with him on interest rate decisions. He acknowledged the chair doesn't have to follow his advice, but insisted his perspective as a "smart voice" deserves consideration. It's a notable shift from the traditional independence the Fed has maintained from the White House.

Tension at the Fed

The central bank's most recent decision to cut rates by a quarter-point wasn't exactly unanimous. Three officials dissented: two wanted to keep rates unchanged, while former Trump advisor Stephen Miran pushed for a more aggressive half-point reduction. Three dissenting votes at one meeting is unusual and suggests some real disagreement about the path forward.

Whoever ends up in the Fed chair role will inherit this debate about how fast and how far rates should fall, along with a president who's made his preferences abundantly clear.