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The new chairman of the Fed is being selected, with White House National Economic Council Director Hassett seen as the frontrunner.
November 26 news, reports say that as the selection process for the new chair of the Fed enters its final weeks, White House National Economic Council Director Kevin Hassett is seen by Trump’s advisors and allies as the frontrunner for the next Fed chair. However, insiders also point out that Trump is known for making surprising personnel and policy decisions, so nominations cannot be considered final until publicly announced. The selection of the Fed chair and board members has traditionally been the most direct way for a president to influence the Fed. During Trump’s first term, he nominated the current chair Jerome Powell, but Trump deeply regretted that decision when Powell did not cut rates at the pace he expected. Hassett is viewed as being highly aligned with Trump’s economic views, including the assertion that rates need to be dropped. In an interview on November 20, he stated that if he were to serve as Fed chair, "I would drop rates now," because "the data suggests we should do this."
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