Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“Their was great speculation that highly respected Kevin Hassett was going to be named Chairman of the Fed, and a great Chairman he would have been but, quite honestly, he is doing such an outstanding job working with me and my team at the White House, that I just didn’t want to let him go. Kevin is indescribably good so, as the expression goes, “if you can’t do better, don’t try to fix it!” Thank you Kevin for doing such a great job! President DJT”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Trump’s decision to keep Kevin Hassett at the White House instead of pursuing him for Fed Chair signals continuity rather than a shift toward potentially more dovish or market-friendly monetary policy, which could slightly temper short-term bullish sentiment in financial stocks. Large banks like Bank of America, JPMorgan Chase, and Goldman Sachs, along with broad financial ETFs such as XLF, KRE, and VFH, may see muted or mixed reactions, as investors reassess expectations for future interest-rate and regulatory paths without a clear new Fed leadership catalyst. Overall, the post introduces a bit of policy uncertainty rather than a concrete change, likely leading to only marginal volatility in the financial sector rather than a decisive directional move.
Here are some of the stocks that might be affected:
Bank of America ((BAC)),
JPMorgan Chase & Co. ((JPM)),
Goldman Sachs Group ((GS)),
Financial Select Sector SPDR Fund ((XLF)),
SPDR S&P Regional Banking ETF ((KRE)),
Vanguard Financials ETF ((VFH)).