Kevin Hassett, director of the National Economic Council, addressed the press outside the White House in Washington, DC, on Friday, October 24, 2025. As reported by Francis Chung of Bloomberg and shared through Getty Images, the discussion centered on President Donald Trump's upcoming announcement for the Federal Reserve chair.
While President Trump confirms he has chosen a successor for Jerome Powell, the current Federal Reserve chair whose term expires in May, he has not revealed the name. Speculation swirls around Kevin Hassett as the likely candidate, supported by a Bloomberg report that lists him as the leading contender over other candidates such as current Governors Christopher Waller and Michelle Bowman, former Governor Kevin Warsh, and BlackRock executive Rick Rieder.
Speaking to reporters on Air Force One, Trump teased the impending announcement, acknowledging he knows his pick and playfully deflecting questions regarding Hassett's candidacy. Concurrently, Hassett appeared on the weekend talk show circuit, expressing his honor to be considered alongside such esteemed candidates. He remarked on positive market reactions to his potential appointment, citing expectations for favorable policies on consumer loans if he is selected.
Betting markets show strong confidence in Hassett's nomination, with predictions favoring his appointment ahead of the December 10 Federal Reserve meeting, where interest rate cuts are anticipated. As the organization stands divided over monetary policy direction, the new chair will need to navigate factions advocating for rate cuts to safeguard the labor market against those wary of inflation.
Treasury Secretary Scott Bessent, who leads the search for the next chair, has advocated for a reassessment of the Federal Reserve's mission, suggesting simplification in its monetary policy approach and discussing the influence of regional presidents in shaping economic directions. This discussion aligns with ongoing debates about the Fed's evolving role in economic policy and market influence, particularly in light of a potentially changing leadership.