Kevin Hassett, the National Economic Council (NEC) Director, addressed the speculation about his potential nomination as the next Federal Reserve Chair by President Donald Trump.
Hassett Weighs In On Powell Replacement News
In an interview on CBS News’s “Face the Nation,” Hassett on Sunday referred to the recent report as a “rumor” and expressed his honor at being considered among a group of strong candidates. He also highlighted the positive market response to the news of Trump’s potential pick for Powell’s replacement.
“The thing that I was most impressed about this week when that story leaked was that really — I think the news for markets was that President Trump is close to announcing a new person who is going to replace Jay Powell,” Hassett said.
Hassett said that the market reacted "very, very positively," noting that the Treasury auction went well and interest rates declined. He added that Americans could expect President Trump to choose someone who would help them secure "cheaper car loans" and easier access to lower-rate mortgages.
He also made a tongue-in-cheek reference to the rumor about his potential nomination, comparing it to the speculation about the White House’s healthcare policy. “Sometimes people leak pre-decisional things,” Hassett said.
Meanwhile, on Fox News’ “Fox and Friends” program, Hassett stated that he would be “happy to serve” as the next Fed chairman if chosen by Trump.
Trump Knows His Pick
Trump’s dissatisfaction with Powell’s leadership was evident in his public criticism, where he expressed his desire to remove Powell immediately. This dissatisfaction was also reflected in Trump’s decision to interview candidates for the top central bank role, with Hassett reportedly being his top pick.
On Sunday, during an Air Force One gaggle with the press, Trump, when asked about the decision, responded, "I know who I'm gonna pick." When pressed on whether it was Kevin Hassett, he laughed and said, "Not telling you — we'll be announcing it."
Hassett’s comments come in the wake of a report that named him as the frontrunner to replace Jerome Powell as the Federal Reserve chair. This report had a significant impact on the market, with predictive betting markets favoring Hassett over other potential candidates.
U.S. Treasury Secretary Scott Bessent, last week, told CNBC that there was a “very good chance” Trump would announce his pick before Christmas. Federal Reserve Chair Jerome Powell's term will expire in May 2026, sparking speculation about his successor at the central bank.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
