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📍 Trump announces leading candidate for Fed Chair: Not Kevin Hassett?
Trump has just confirmed Kevin Warsh - former Fed Governor (2006–2011), currently the top contender for the Fed Chair position after Powell. This information contradicts earlier market expectations, which believed that Kevin Hassett - Trump’s close economic advisor - was the number one choice.
📌 Who is Kevin Warsh?
🔸 Former Fed Governor, participated in handling the 2008 financial crisis.
🔸 Has a stance favoring monetary discipline but agrees with Trump that the Fed kept interest rates too high for too long.
🔸 Highly regarded by traditional financial circles, with less concern about politicizing the Fed compared to Kevin Hassett.
-> Hassett is perceived by the market as "Trump-friendly," posing a risk of weakening the Fed’s independence. Investors are unlikely to support a Fed Chair coming from within the White House circle.
📌 Other potential candidates include:
🔸 Christopher Waller, Michelle Bowman (Current Fed Governors).
🔸 Rick Rieder (BlackRock) - low probability.
-> Trump wants to change the Fed, but still needs to choose a name that can "balance" between maintaining market confidence and implementing the easing policies Trump desires.