The crucial hunt for the US central bank’s next leader is coming to an end. In the upcoming weeks, US President Donald Trump is anticipated to appoint a replacement for Jerome Powell, whose tenure as chairman of the Federal Reserve expires in May. That somebody will take over at a challenging time. Regarding how it should set interest rates in the coming months, the bank is facing internal conflict and political pressure.
Concerns about credibility can make the task more difficult. Trump has made it evident that he wants to reduce borrowing prices and exert exceptional pressure on the Fed, which raises concerns about the independence of whoever takes the position.
One of the leading candidates to replace Powell is Kevin Hassett, a longtime conservative economist and important Trump economic adviser. Hassett, a 63-year-old Trump supporter, currently chairs the National Economic Council after serving as chair of the White House Council of Economic Advisers during Trump’s first term.
Wall Street traders still believe he is the most likely candidate, even if his chances of landing the position have decreased since early December. Hassett has been a steadfast supporter of Trump’s economic plans, downplaying data that indicates the US economy is poor and reiterating accusations of prejudice at the Bureau of Labour Statistics.
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