Overview
- Aboard Air Force One, the president said he already knows his choice to replace Jerome Powell and signaled an announcement soon.
- Treasury Secretary Scott Bessent indicated the pick could be revealed before Christmas, though no formal nomination has been made.
- Wall Street and betting markets place Kevin Hassett as the clear favorite, with reported odds far ahead of Fed Governor Christopher Waller.
- Hassett is viewed as notably dovish, favoring a policy rate well below 3%, which would mark a shift from the current Fed consensus if he is nominated and confirmed.
- His record includes pro-cryptocurrency ties such as significant Coinbase holdings and prior advisory roles, as well as the high-profile 'Dow 36,000' misforecast.