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Insider: Yellen Emerges as Top Contender for Fed Chair, Fed Poised for Historic Shift
BlockBeats News, November 26th, according to sources familiar with the matter, as the selection of the new Federal Reserve chair enters the final weeks, in the eyes of the White House advisory team and Trump allies, Kevin Hassett, the Chair of the National Economic Council, has emerged as the top candidate to take over the Fed.
The unnamed source said that if Hassett is appointed, Trump will install a close ally whom he knows and trusts in the independent central bank. Some individuals have pointed out that Hassett is seen as the person who could bring Trump's rate-cutting ideas to the helm of the Fed—an institution that Trump has long sought to influence, facing a historic turning point.
However, they also cautioned that Trump is known for unexpected personnel decisions, and everything is subject to change until the formal nomination is announced. White House press secretary Karoline Leavitt stated in a declaration: "No one can predict the President's decisions before President Trump takes action." Fox News White House reporter Edward Lawrence also mentioned that there is currently no frontrunner for the selection of the next Federal Reserve chair.
A senior U.S. official confirmed that the final list of candidates had not yet been submitted to the White House. The selection of the Federal Reserve chair and board members has always been the most direct way for a president to influence the central bank. During his first term, Trump nominated current chair Jerome Powell, and when Powell did not cut rates as quickly as expected, the President expressed regret over his initial decision.
Hassett is in sync with Trump on economic policy and both believe that further rate cuts are necessary. (FXStreet)
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