In the race to become the next chair of the Federal Reserve, Kevin Warsh briefly passed Kevin Hassett this week coming out of the pits — only to be overtaken again as the competition nears its final laps.

On Tuesday, Warsh’s Fed chair odds touched 49%, with Hassett’s falling to 41%, according to the online prediction market Kalshi. But hours later Hassett was back to 53%, with Warsh’s chances dropping to 31%.

Warsh, who served on the Fed’s Board of Governors from 2006 to 2011, had a final interview at the White House last week for the top central banking position.

When asked during a subsequent interview with The Wall Street Journal if Warsh was the front-runner for the job, President Donald Trump replied, “Yes, I think he is.” But the president quickly added, “I think you have Kevin and Kevin. They’re both — I think the two Kevins are great.”

Hassett, the director of the National Economic Council (NEC), is a close confidant of Trump who is widely seen as being in lockstep with the president’s economic agenda, including his signature tariff policies. His odds appeared to take a hit after CNBC reported that his candidacy “has received some pushback by high-level people who have the ear of” the president.

But a Tuesday appearance on CNBC seemed to swing the odds back in Hassett’s favor, with the NEC director addressing concerns that his independence as Fed chair could be compromised by his close relationship with Trump.

“The Federal Reserve’s independence is really, really important, and the voices of the other people at the [Federal Open Market Committee], they’re important, too,” Hassett said. “So the way you’ve got to drive interest rate movements is with consensus based on the facts and the data.”

Trump’s desire for lower interest rates is no secret. Throughout 2025, he has engaged in a relentless campaign to persuade current Fed Chair Jerome Powell — whose term expires in May — to ease rates. Those tactics included threatening to fire him, penning a hand-written note to Powell, and pressuring the central banker on cost overruns for a renovation project of the Fed’s headquarters.

When asked during the Journal interview if the next Fed chair should consult with him on interest rate decisions, Trump responded: “Typically, that’s not done anymore. It used to be done routinely. It should be done.”

The president then added: “It doesn’t mean — I don’t think he should do exactly what we say. But certainly we’re — I’m a smart voice and should be listened to.”