White House National Economic Council Director Kevin Hassett is viewed by President Donald Trump’s advisers and allies as the leading contender to become the next Federal Reserve chair, according to people familiar with the discussions, as the search enters its final phase.
If selected, Hassett would place a trusted Trump ally at the helm of the independent central bank. Several sources say he is seen as someone who would align the Fed more closely with Trump’s preference for aggressive interest-rate cuts — a level of influence the president has long sought.
White House Press Secretary Karoline Leavitt said in a statement that “nobody actually knows what President Trump will do until he does it. Stay tuned!”
Hassett said in a Fox News interview that he would accept the role if offered. “I want to serve my country and I want to serve my president,” he said, adding that there are “a lot of great candidates.”
Presidents have historically used Fed chair and governor appointments as their most direct means of shaping the central bank. Trump named current Chair Jerome Powell during his first term but later expressed regret when Powell did not cut rates as quickly as Trump preferred.
Hassett shares Trump’s view that interest rates should be reduced further. He recently told Fox News that if he were leading the Fed, he would “be cutting rates right now” because “the data suggests that we should.” He has also criticized the central bank for allowing inflation to rise sharply after the pandemic.
Treasury yields fell sharply on news that Hassett is the frontrunner, with the 10-year dropping below 4% for the first time in a month.
The Fed has frequently been a target of Trump’s criticism, with the president accusing Powell of acting too slowly to lower borrowing costs and at times suggesting he could fire him. Trump has also criticized renovation plans at the Fed’s headquarters, and the administration is currently involved in litigation over his attempt to remove Governor Lisa Cook.
This dynamic has put pressure on Treasury Secretary Scott Bessent, who is overseeing the selection process, to find a candidate who supports lower rates while also maintaining credibility with markets.
After holding steady for most of 2025, the Fed cut rates by 25 basis points in both September and October. But policymakers remain divided on inflation and labor-market trends, making a December rate cut far from certain.
