On Sunday, White House National Economic Council (NEC) director Kevin Hassett expressed his willingness to serve as the next Chairman of the Federal Reserve if President Trump nominates him. This marks the first time Hassett publicly stated his readiness for the position. During an interview with Fox News’ “Fox and Friends” program, he stated, “If President Trump nominates me, I would be happy to serve.”
Hassett also mentioned that President Trump has a group of excellent candidates, and whoever is nominated would be a more suitable choice than the current situation. He noted the positive market response to reports last week of a potential change in the Federal Reserve leadership, with a drop in the 10-year Treasury yields.
Reports from Bloomberg News suggested that Hassett is a leading candidate to succeed current Chair Jerome Powell, whose term expires in May 2026. Hassett has received broad support from President Trump’s advisors and allies, seen as someone who can implement the President’s strategy of lowering interest rates within the Federal Reserve.
An insider revealed that with Hassett, President Trump would have “a close ally he knows and trusts deeply within the central bank.”
However, the same insider emphasized that Trump’s personnel decisions are famously unpredictable, and any nomination is not final until officially announced.
White House Press Secretary Karoline Leavitt mentioned in a statement on Sunday that “no one truly knows what he [President Trump] will do until he makes a final decision. Stay tuned.”
Hassett’s economic views have long aligned with Trump’s. He previously stated on Fox News that if he were Federal Reserve Chairman, he would “cut rates now” based on the data. During the interview on November 30, he reiterated the significant income growth from the Trump administration’s tax policies surpassing inflation, leading to explosive sales during the Black Friday holiday and a notable increase in consumer confidence.
The selection process for the Federal Reserve Chair is nearing its end under the leadership of Treasury Secretary Scott Bessent. He hinted in a CNBC interview on the 26th that President Trump is likely to announce his choice before Christmas on December 25.
The final interviews have been narrowed down to five candidates, including Hassett, former Fed official Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock Inc.’s Rick Rieder. The last interviews for these candidates were conducted this week, after which the list will be further condensed for meetings with White House Chief of Staff Susie Wiles and Vice President JD Vance.
In September, President Trump publicly listed Hassett, Warsh, and Waller as his top three candidates. He hinted at his choice on November 18, saying, “I think I know who I’m going to pick.”
Following the news of Hassett’s potential election, US Treasury prices rose, and the 10-year yield briefly dropped below 4%, hitting a one-month low. The Federal Reserve had already cut rates by 25 basis points in both September and October, but there is still uncertainty regarding whether there will be another rate cut in December.