President Donald Trump said he plans to announce his choice to succeed Jerome Powell as head of the Federal Reserve early next year, keeping markets on edge as speculation grows that his top economic adviser, Kevin Hassett could be selected for the role.
At a recent cabinet meeting, Trump confirmed the selection process is almost complete, calling the frontrunner “a respected person” when asked directly about Hassett.
Hassett is viewed by many investors and analysts as the leading candidate.
Some market participants are concerned that under Hassett, the Fed could push for aggressive interest rate cuts even if inflation remains elevated, which could unsettle investors.
No formal nomination has been made yet. While other contenders remain in consideration, the list has narrowed significantly, and a final decision appears imminent.
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