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Trump seems to rule out Hassett as Fed chair in comments.Trump said that Hassett was good on TV today and that he “may want to keep him where he is”. He added that “we’ll see how it works out”.Trump said to Hassett at a health care event, “I actually want to keep you where you are, if you want to know the truth.”Some Republican Senators have expressed reservations about Hassett because he’s so close to Trump, so he could be harder to confirm than the other three candidates.We have seen some US dollar buying on this headline, as it underscores that the Fed decision is mostly about political credibility. Of the candidates, Hassett is seen as the least independent, which in turn is the most-dovish due to Trump’s longstanding desire to cut rates.Along the same lines, gold is quickly lower on the headlines and has touched the lowest since Tuesday in a quick $35 decline (now a $60 decline).Hassett has been the White House spokesman on economic matters as director of the National Economic Council. He frequently appears to speak about economic policies, including tariffs. In the betting markets, Hasset is down to 17% from about 35% earlier today.The prospect of a less-dovish Fed chair is also weighing slightly on equity markets, which fixed income markets are little changed.The betting favorite for the job is Kevin Warsh, who was the runner up to Powell in Trump’s first term. He’s been relentlessly lobbying for the job for years after quitting the Fed as a governor in a tiff over quantitative easing during the financial crisis. Earlier today, a report highlighted that Trump’s team also liked Blackrock fixed income CIO Rick Rieder in part because he had no ties to the Federal Reserve. For what it’s worth, I don”t necessarily view Trump’s comments as overly telling. At the same time, the sharp declines in precious metals following the comments are an indication that plenty is riding on the decision. However the rise in the dollar after the headlines could be an indication to Trump that Hassett is the right pick, as the President wants a lower dollar.Treasury Secretary Bessent said a decision will come before month end.
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
Trump’s comments about Hassett not being considered for Fed chair could signal a shift in monetary policy expectations. If Hassett remains in his current role, it suggests continuity in the Fed’s approach, which might impact interest rate forecasts and market sentiment. Traders should keep an eye on how this affects the dollar and bond yields, especially if the market was pricing in a more hawkish Fed under a new chair. Moreover, Trump’s remarks could influence the stock market as well, particularly sectors sensitive to interest rates like real estate and utilities. If the Fed maintains its current stance, it could lead to a more stable environment for equities, but any surprises in upcoming economic data could still shake things up. Watch for key economic indicators like inflation and employment figures, which could sway the Fed’s decisions regardless of who is at the helm. In the near term, keep an eye on the dollar index and 10-year Treasury yields for signs of market reaction to these developments. If yields start to rise significantly, it could indicate that traders are bracing for a shift in policy, even if Hassett stays put.
📮 Takeaway
Monitor the dollar index and 10-year Treasury yields closely; any significant moves could indicate shifting market expectations around Fed policy.
