Overview
- At a Cabinet meeting, President Trump said he will reveal his pick for Federal Reserve chair early next year, days after telling reporters he already knows the choice.
- Trump teased Kevin Hassett at a White House event as a “potential Fed chair,” reinforcing reporting that the National Economic Council director is the frontrunner.
- Prediction markets assign Hassett the highest odds, with Kalshi near 79% and other platforms favoring him over Christopher Waller, Michelle Bowman, Kevin Warsh and Rick Rieder.
- Bessent led multiple interview rounds and narrowed the field to five candidates, after previously indicating a pre-Christmas announcement was possible.
- Powell’s term ends in May 2026, raising the prospect of a high-profile “shadow chair” period and renewed scrutiny of Fed independence as markets parse the nominee’s stance on rate cuts.