President Donald Trump has confirmed he’s made up his mind about who will lead the Federal Reserve next. The announcement comes as he continues pressing for faster interest-rate cuts and signals he wants a chair who is fully aligned with that direction. His comments have now intensified speculation around the White House’s shortlist, as per a report by Bloomberg.
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President Donald Trump said Sunday that he has already chosen his pick to lead the Federal Reserve, making the announcement while returning to Washington on Air Force One. “I know who I am going to pick, yeah,” Trump told reporters, adding, “We’ll be announcing it.” He did not reveal the name, but his remarks reinforced his expectation that the next chair will deliver interest-rate cuts, as per a report by Bloomberg.
Trump has repeatedly criticized current Fed chief Jerome Powell for what he sees as slow action on lowering rates. That pressure has fueled speculation that the president wants a leader more willing to push through aggressive cuts. People familiar with the matter told Bloomberg News that White House National Economic Council Director Kevin Hassett, Trump’s top economic adviser, is viewed as the likely successor, as per a report by Bloomberg, as per a report by Bloomberg.
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Hassett, appearing on CBS earlier Sunday, refused to say whether he considers himself the frontrunner, calling the idea a “rumor.” Yet he noted the positive market response to talk of Trump nearing a decision. “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 said on CBS. “That’s what we saw in the market response to the rumor about me.”
Trump is said to trust Hassett and sees him as aligned with his desire for more forceful rate reductions. Still, analysts warn that Hassett might face difficulty uniting the Fed’s rate-setting committee and could be more exposed to presidential pressure, as per a report by Bloomberg.
The possibility of Hassett securing the nomination briefly pushed the 10-year Treasury yield below 4% last week. Treasury Secretary Scott Bessent, overseeing the selection process, said Trump could announce his choice before Christmas.
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Other finalists include Fed governors Christopher Waller and Michelle Bowman, former governor Kevin Warsh, and BlackRock’s Rick Rieder. Trump has also mentioned he’d like Bessent as chair, though Bessent has rejected the idea, as per a report by Bloomberg.
Whoever Trump selects must be confirmed by the Senate and is expected to begin a 14-year term in February if the nominee comes from outside the Fed. Powell’s term as chair ends in May.
Has Trump announced the new Fed chair?
Not yet. He says he knows who he will pick but hasn’t named the choice.
Who is considered the frontrunner?
Kevin Hassett is widely viewed as the leading contender based on recent reports.
ALSO READ: Four major U.S. economic events expected to heavily influence Bitcoin volatility- here's what you need to know
President Donald Trump said Sunday that he has already chosen his pick to lead the Federal Reserve, making the announcement while returning to Washington on Air Force One. “I know who I am going to pick, yeah,” Trump told reporters, adding, “We’ll be announcing it.” He did not reveal the name, but his remarks reinforced his expectation that the next chair will deliver interest-rate cuts, as per a report by Bloomberg.
Trump has repeatedly criticized current Fed chief Jerome Powell for what he sees as slow action on lowering rates. That pressure has fueled speculation that the president wants a leader more willing to push through aggressive cuts. People familiar with the matter told Bloomberg News that White House National Economic Council Director Kevin Hassett, Trump’s top economic adviser, is viewed as the likely successor, as per a report by Bloomberg, as per a report by Bloomberg.
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Why is Hassett viewed as the top contender?
Hassett, appearing on CBS earlier Sunday, refused to say whether he considers himself the frontrunner, calling the idea a “rumor.” Yet he noted the positive market response to talk of Trump nearing a decision. “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 said on CBS. “That’s what we saw in the market response to the rumor about me.”
Trump is said to trust Hassett and sees him as aligned with his desire for more forceful rate reductions. Still, analysts warn that Hassett might face difficulty uniting the Fed’s rate-setting committee and could be more exposed to presidential pressure, as per a report by Bloomberg.
How are markets reacting to Trump’s search?
The possibility of Hassett securing the nomination briefly pushed the 10-year Treasury yield below 4% last week. Treasury Secretary Scott Bessent, overseeing the selection process, said Trump could announce his choice before Christmas.
ALSO READ: What does 67 mean, who made the 67 meme and why is it so popular?
Who else remains on the shortlist?
Other finalists include Fed governors Christopher Waller and Michelle Bowman, former governor Kevin Warsh, and BlackRock’s Rick Rieder. Trump has also mentioned he’d like Bessent as chair, though Bessent has rejected the idea, as per a report by Bloomberg.
Whoever Trump selects must be confirmed by the Senate and is expected to begin a 14-year term in February if the nominee comes from outside the Fed. Powell’s term as chair ends in May.
FAQs
Has Trump announced the new Fed chair?
Not yet. He says he knows who he will pick but hasn’t named the choice.
Who is considered the frontrunner?
Kevin Hassett is widely viewed as the leading contender based on recent reports.
