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Wall Street is making a last-ditch effort to prevent Trump from appointing Hassett as Federal Reserve Chair
BlockBeats News, December 4th, according to Fox Business reporter Charles Gasparino, Wall Street and U.S. corporate insiders are making a last-ditch effort to warn President Trump about the issues that would arise from choosing Kevin Hassett as Federal Reserve Chairman. The argument from Wall Street and the business community is that, given Hassett's politically charged role (Chair of the Council of Economic Advisers) and past experiences, he lacks credibility among Federal Reserve staff and in the market, as the market seeks Fed independence. Appointing Hassett would lead to rising long-term rates and turmoil at the Fed.
If Hassett manages to lower short-term rates through a dissenting vote under persistent inflation pressure (as Trump desires), this would be seen as political interference and could trigger inflation. Mortgage and consumer rates are tied to the 10-year Treasury yield, and if they spike due to inflation concerns, it could result in an economic slowdown near the midterm elections. Of course, Trump may choose to disregard all of the above and go it alone. Other candidates vying for Fed chair include Kevin Warsh and Fed Governor Christopher Waller, both of whom are potential picks.
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