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FollowingU.S. President Donald Trump stated on Sunday that he has selected the next chairman of the Federal Reserve, and will announce this decision soon.
However, during an interview with reporters, Trump refused to confirm that Kevin Hassett, who currently serves as the director of the National Economic Council, is the most favored candidate for the position.
Other candidates included Federal Reserve Board member Christopher Waller and Michelle Bowman, former Federal Reserve Board member Kevin Wesch, and Rick Ried, head of the fixed income department at BlackRock.
According to betting data from the market forecasting platform Kalshi, Hassett currently has a 58% chance of being nominated, which is a significant increase from less than 40% last Tuesday.
This probability is far ahead of all other candidates for the position. Currently, Federal Reserve Board member Christopher Waller has a 12% chance of being nominated, while former Federal Reserve Board member Kevin Wesch has a 11% chance.
In an interview, Hassett said that if Trump chooses him as the Federal Reserve chairman, he would accept the appointment without hesitation.
In another interview, Hassett refused to comment on whether he is the frontrunner for the position, calling those reports merely “rumors.” He also mentioned that the market reacted positively to the news that Trump is close to finalizing a candidate, and said that the American public can expect Trump to select a Federal Reserve chairman who can bring down loan interest rates.
Scott Bernsant, the U.S. Treasury Secretary responsible for selecting the Fed chairman, said last week that Trump may announce his nominee before the Christmas holiday on December 25th.
Will Powell resign on December 1st?
On the eve of these statements from Trump and Haspel, there were reports from overseas that Fed Chairman Powell would announce his resignation during an emergency meeting scheduled for Monday at 7 p.m. ET.
However, these reports mainly circulated on social media and have not been reported by mainstream media. There is no official confirmation or evidence from either the Federal Reserve or Trump himself to support this claim.
Powell’s term as Fed chairman will end on May 15th, 2026, and his tenure as board member will end on January 31st, 2028.
Since Trump began his second term, he has repeatedly urged current Fed Chairman Powell and the Federal Reserve to cut interest rates significantly, and even threatened to remove Powell from his position. In response to Trump’s attacks and threats of removal, Powell has repeatedly stated that he will not resign and will remain in his position until the end of his term.
