The race to become the Federal Reserve Chair intensifies, with Hassett facing opposition from senior figures close to Trump.
PANews reported on December 15th that, according to sources familiar with the matter, Hassett, the White House National Economic Council Director, was once considered a near certainty for the position of Federal Reserve Chairman, but is now facing opposition from some high-ranking officials closely associated with Trump. Sources say there are concerns that Hassett's close relationship with the president is too much, ironically, the very thing that initially made him a leading candidate to succeed Powell. As of Monday, Hassett remained the frontrunner on the Kalshi prediction market with a 51% chance of winning, but this has declined from a high of over 80% at the beginning of the month. Warsh's chances are currently 44%, a significant increase from about 11% at the beginning of December. Sources say Hassett's candidacy is encountering more resistance, with growing concerns that if the bond market perceives him as too subservient to Trump, it could trigger market turmoil. This view could ultimately have the opposite effect to Trump's expectations, potentially leading to a rise in long-term yields. Perhaps in response to these criticisms, Hassett took a more assertive stance on the Fed's independence in an interview last week.
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