Kevin Hassett, Chairperson of the White House National Economic Council (NEC), said about reports that he is a leading contender to be the next chair of the Federal Reserve (Fed), "If President Trump nominates me, I would be happy to serve." With President Trump moving to dismiss current Chair Jerome Powell, Hassett publicly expressed his willingness to accept the chair for the first time, drawing attention.
Chairperson Hassett said in an interview with Fox News on the 30th local time, "What I felt as reports came out last week is that the president has an excellent slate of candidates," adding, "Whoever is nominated will be a far more appropriate choice than the current situation." He then said of the decline in the U.S. 10-year Government Bonds yield after reports of his chair prospects, "The market reacted positively to the signal that the president's decision was near," and explained, "The market is looking forward to a new face at the Fed, and it expects President Trump to nominate someone new."
Chairperson Hassett has consistently appeared on the shortlist for a new chair since President Trump publicly criticized Chair Powell as being reluctant to cut rates. Avoiding clear answers to media questions until now, he said this time that he would "serve if nominated," which observers see as signaling confidence and a real possibility of nomination.
Meanwhile, he said about increased spending during the Black Friday holiday period, "It is the result of incomes rising significantly under President Trump," adding, "With additional income and the end of the government shutdown, consumers felt comfortable returning to stores." He continued, "With income growth far outpacing inflation, explosive sales emerged," and argued that the economy will improve further next year thanks to the tax cut policy.