Kevin Hassett, White House National Economic Council Director, highlighted a positive market response to signals that Donald Trump could select the next Federal Reserve chair before year-end—a role Hassett himself is widely rumored to be a frontrunner for. Speaking on CBS’ Face the Nation on Sunday, he declined to confirm if he sees himself as the leading candidate, calling recent reporting on the matter a “rumor.” Still, he pointed to the market’s positive reaction to reports that Trump is close to naming his pick, subtly acknowledging investor concerns that he might be viewed as too closely aligned with the president. “We had a great Treasury auction, interest rates went down and I think that the American people could expect President Trump to pick somebody who’s going to help them have cheaper car loans and easier access to mortgages at lower rate,” Hassett noted on CBS. “That’s what we saw in the market response to the rumor about me.” Markets react as Hassett emerges as top contender for Trump’s Fed pick Hasset’s remarks come as Trump said on Sunday that he has picked his next Federal Reserve chairman and will make the announcement soon. While talking to reporters, he noted, “I know who I’m going to pick as Fed Chair, I will announce it soon.” However, he failed to confirm that his nomination to replace Jerome Powell will be Hassett, the current director of Trump’s National Economic Council, when asked. According to bets on the Kalshi prediction market , Hassett currently has a 65% chance of getting the nomination, a rise from 40% on Tuesday. Other contenders, such as Fed Governor Christopher Waller, are at 15%, with former Fed Governor Kevin Warsh at 13%. According to people close to the matter, Trump holds Hassett in high regard and views him as aligned with the desire to push for more aggressive interest-rate cuts at the central bank. Hassett has been a strong defender of Trump’s economic policies, including tariffs and interest rates, and said he would be happy to serve as Fed chief if Trump nominated him. By highlighting the market reaction, he effectively countered concerns that his nomination would be seen as a direct challenge to Fed independence. While Trump has made last-minute changes before, the prospect of Hassett being nominated for the position briefly pushed the 10-year Treasury yield below 4%. Treasury Secretary Scott Bessent, who has been overseeing the selection process, recently noted that the president could announce his nominee before the Christmas holiday on December 25. “I know who I am going to pick, yeah,” Trump told reporters on Air Force One on his way back to Washington, without naming his choice. “We’ll be announcing it.” Trump eyes saster Fed action as Hassett and others vie for chair Trump’s patience with Powell is wearing thin as the Fed cautiously cuts rates, signaling he wants a chair who will move faster. Hassett says he’d take the job if offered, but analysts caution he could clash with the Fed’s committee and be more exposed to Trump’s influence Trump’s patience with Powell is wearing thin as the Fed cuts rates cautiously, suggesting that he is looking for a chair who is more action-oriented. Hassett says he would accept the job if offered, but analysts say he could bump heads with the Fed’s committee and become more subject to Trump’s influence. Other finalists besides Hassett include Fed governors Christopher Waller and Michelle Bowman, former Fed governor Kevin Warsh, and BlackRock’s Rick Rieder. Trump has frequently mentioned wanting Bessent as Fed chair, a suggestion Bessent has consistently turned down. Any nominee will require Senate confirmation for the chairmanship and would likely assume a 14-year term as a Fed governor, starting in February, if they are an outsider. Powell’s current term as chair expires in May. Get $50 free to trade crypto when you sign up to Bybit now
