Kevin Hassett, Chairman of the U.S. White House National Economic Council (NEC), expressed his willingness to serve as the next Federal Reserve (Fed) Chairman if President Trump nominates him. Amid President Trump’s efforts to dismiss current chairman Jerome Powell, Hassett is the first to publicly express his acceptance of the potential nomination, drawing significant attention.
In an interview with Fox News on the 30th (local time), Hassett stated, “The reports last week indicated that the President has a great pool of candidates,” and added, “Whoever is nominated will be a much more suitable choice than the current situation.” He further explained that the drop in the 10-year U.S. Treasury bond yield following reports of his possible nomination was “a positive market reaction to the signal that the President’s decision is imminent” and that the market is anticipating a new face at the Fed, expecting President Trump to nominate a new candidate.
Hassett’s name has consistently been mentioned among the potential candidates for the Fed Chair since President Trump publicly criticized Chairman Powell for his reluctance to cut interest rates. Although he previously avoided giving clear answers to media inquiries, Hassett’s recent statement, “I would be willing to serve if nominated,” reflects confidence and hints at the potential for an actual nomination.
Meanwhile, regarding the increase in consumer spending during the Black Friday holiday period, Hassett commented, “It is a result of significant income growth under President Trump,” and noted that “the end of the government shutdown and additional income made it easier for consumers to return to stores.” He also claimed that “the rate of income growth has far outpaced inflation, resulting in explosive sales,” and suggested the economy will improve further next year due to the effects of tax cuts.