Hassett Open to Federal Reserve Chair Nomination Amid Economic Concerns

According to PANews, White House National Economic Council Director Kevin Hassett has expressed his willingness to accept the position of Federal Reserve Chair if nominated by U.S. President Donald Trump. Hassett, who is among the candidates considered by Trump, revealed his intentions to advocate for more significant interest rate cuts during the December policy meeting. Hassett voiced surprise at current Fed Chair Jerome Powell's reluctance to implement aggressive rate cuts, especially in light of the prolonged government shutdown and inflation data that exceeded expectations. He stated, "I believe the President thinks rates could be lower, and I agree with that sentiment." Hassett suggested that a 50 basis point rate cut would be justified, although he anticipates the Federal Reserve will likely opt for a 25 basis point reduction. He also highlighted the economic impact of the government shutdown, estimating a weekly GDP loss of approximately $15 billion. Additionally, he noted that September's inflation figures were lower than anticipated.