Kevin Hassett, a senior economic advisor at the White House and potential contender for the next Federal Reserve Chair, commented on the current state of financial markets during a weekend appearance on Fox & Friends. He noted that all five finalists under consideration would represent a substantial improvement over the current leadership. Jerome Powell, originally appointed by President Trump in his first term, is nearing the end of his tenure in May. Trump has publicly expressed dissatisfaction with Powell and the central bank for not reducing interest rates more quickly. Hassett, who also serves as director of the National Economic Council, observed that markets have responded positively to recent developments, with borrowing costs declining and a recent U.S. Treasury auction performing exceptionally well—marking one of the most successful in recent history.
— news from Barron’s
— News Original —
White House Economic Advisor Says Markets Expect New Fed Chair
White House economic advisor Kevin Hassett, who is on the short list of candidates to be President Trump ‘s next Fed Chair, told Fox & Friends Weekend on Sunday any one of the five people on the final list would be “a big trade up from where we are.”
Fed Chair Jerome Powell, nominated to the role by Trump during his first administration, is facing the end of his term in that role in May, and Trump has repeatedly criticized him and the Fed for failing to cut interest rates as fast as he has wanted them to.
Trump is getting closer to deciding who the successor will be, Hassett told Fox. The director of the National Economic Council said the market has “really celebrated,” interest rates are coming down and “we had one of our best Treasury auctions ever.”