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Investing.com-- White House economic adviser Kevin Hasset is emerging as a “serious contender” to replace Jerome Powell as the next Chair of the Federal Reserve, the Wall Street Journal reported on Tuesday.
Hassett is one of Trump’s closest economic advisers, and is now seen as a preferred pick over earlier favorite Kevin Warsh, a former Fed governor, the WSJ reported.
Hassett met Trump over the Fed job at least twice in June, the WSJ report said, citing people familiar with the matter.
The WSJ report comes amid growing speculation that Trump will expedite his selection of Powell’s successor, especially as the president raged against the Fed chair for not cutting interest rates sooner. Trump had appointed Powell to the post in 2017.
Trump has repeatedly engaged in personal attacks against Powell, criticizing the Fed chair for acting too late in cutting interest rates. Powell– whose term expires in May 2026– has repeatedly cited caution over the inflationary impact of Trump’s trade tariff agenda.
But Trump’s comments on Powell have also ramped up concerns over the independence of the central bank, especially after the current Fed chair’s term ends.
The WSJ reported that Trump has at times also asked Treasury Secretary Scott Bessent to become the next Fed Chair.
The central bank cut rates by a cumulative 1% through 2024, but forecast a much slower pace of cuts in 2025, citing concerns over a rebound in inflation from Trump’s tariffs.