White House National Economic Council Director Kevin Hassett is seen as the top contender to replace Fed Chair Jerome Powell by close associates of President Trump, sources familiar with the matter told Bloomberg.
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Powell, whose term as Chair ends in May 2026, has received steep criticism from Trump for not lowering interest rates earlier in the year and for the Fed’s billion-dollar renovation of its Washington, D.C., headquarters. The sources added that Hassett would likely support Trump’s stance of bringing rates down faster.
‘Good Chance’ that Trump will Select Fed Chair Nominee Before Christmas, Says Bessent
Treasury Secretary Scott Bessent said on Tuesday that he is in the process of concluding the second round of Chair interviews and that there is a “good chance” that Trump will select his pick before Christmas. “But it’s his prerogative, whether it’s … before the Christmas holidays, and the New Year’s,” said Bessent. “But things are moving along very well.”
Bessent added that there are five strong candidates. Hassett holds the highest odds of being selected by Trump on prediction platform Polymarket at 54%, followed by Fed Governor Chris Waller at 22% and former Fed Governor Kevin Warsh at 16%.
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