Recently, Bloomberg News, citing sources familiar with the matter, reported that Kevin Hassett, director of the White House National Economic Council, is considered the top candidate to become the next chairman of the Federal Reserve by President Trump, his advisors, and allies.
Sources familiar with the matter, who declined to be named , said that selecting Hassett would mean Trump is placing a close ally he knows and trusts within the Federal Reserve. Some of these sources said Hassett is seen as someone who can bring Trump's advocated interest rate cuts to the Fed.
However, sources also pointed out that Trump is known for his unpredictable personnel and decision-making styles, meaning that the nominees could still change before the official announcement. White House Press Secretary Carolyn Levitt said in a statement, "Nobody really knows what President Trump will do until he takes action. Stay tuned!"
Hassett previously told Fox News that he would say "yes" if invited to be the Federal Reserve chairman. "But you know, there are many other excellent candidates."
U.S. Treasury Secretary Scott Bessant previously stated that Trump is "very likely" to nominate a successor to Federal Reserve Chairman Jerome Powell before the traditional holidays at the end of this year.
Powell's term is scheduled to end in May 2026. Trump has repeatedly called on the Federal Reserve to cut interest rates significantly and has demanded Powell's resignation.
(Source: International Financial News)
