Trump Admits He Has a Favorite for Fed Chair
President Donald Trump has a candidate too lead the Federal reserve starting next May,when Jerome Powell’s term expires. The president explained he’s nearing the end of a selection process that began wiht eleven candidates. “I’d say we’re down to three, but we’re down to two. And I probably can tell you we’re down to one, in my opinion,” he said during an interview with CNBC at the World Economic Forum in Davos, Switzerland.
The candidate pool included current and former Federal Reserve board members, prominent economists, and investors. While he didn’t reveal names, Treasury secretary Scott Bessent led the selection process, narrowing the field to Kevin Hassett, current chair of the White House Council of Economic Advisers; Kevin Warsh, a former Federal Reserve governor from 2006 to 2011; and Rick Rieder, chief fixed income officer at BlackRock, the world’s largest asset manager.
Hassett was the frontrunner until recently. Investors on the Polymarket platform gave him a 95% chance of getting the nomination, but that dropped after news broke of a criminal inquiry into Jerome Powell.Some now view Hassett as too loyal to Trump.
Trump dampened expectations last friday. During a meeting with farmers about rural healthcare, he noticed Hassett in the audience and said, “I want you to stay where you are, if you want to know the truth.” After praising Hassett’s defense of the White house’s economic policies, the president added, “I just want to thank you; you were fantastic on television the othre day.”
Attention instantly shifted to the other Kevin.