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― Mark Twain
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Trump Doesn't Understand Interest Rates or The Fed
Treasury Secretary Scott Bessent indicated there's "a very good chance" President Trump will announce a successor to Federal Reserve Chair Jerome Powell before Christmas. As the official leading the selection process, Bessent mentioned he has just one more interview lined up but stopped short of naming a favorite. White House economic adviser Kevin Hassett is considered the frontrunner, followed by other top candidates such as ex-Fed Governor Kevin Warsh, sitting Governors Christopher Waller and Michelle Bowman, and BlackRock executive Rick Rieder.
Trump has repeatedly criticized Powell for not cutting interest rates quickly enough and has openly suggested he wants him removed, despite Powell’s term running until 2026. While Bessent downplayed Trump’s harsh remarks as jokes, he acknowledged the complexity of current monetary policy. Hassett has publicly supported immediate rate cuts, aligning with Trump’s views.
The Fed itself remains divided over further rate reductions after two recent cuts. As markets anticipate another cut in December, regional Fed presidents have voiced mixed opinions on the appropriate next move. Bessent said he hopes the next Fed chair will simplify policy and return the institution to a calmer, less prominent role.
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