Insider: Yellen Emerges as Top Contender for Fed Chair, Fed Poised for Historic Shift

On November 26th, according to those with insider knowledge, as the process of selecting the new chairperson of the Federal Reserve enters its final weeks, in the perception of the White House advisory team and Trump's allies, Kevin Hassett, who is the Chair of the National Economic Council, has emerged as the leading candidate to assume the position at the Fed. The unnamed source stated that if Hassett is appointed, Trump will place a close ally whom he is familiar with and trusts within the independent central bank. Some people have pointed out that Hassett is regarded as the individual who can bring Trump's rate-cutting ideas to the helm of the Fed - an institution that Trump has long been attempting to influence and is now at a historical turning point. However, they also cautioned that Trump is renowned for making unexpected personnel decisions, and everything remains subject to change until the formal nomination is announced. The White House press secretary, Karoline Leavitt, stated in a declaration: "No one can predict the President's decisions before President Trump takes action." Fox News White House reporter Edward Lawrence also mentioned that there is currently no front-runner in the selection of the next Federal Reserve chair. A senior U.S. official confirmed that the final list of candidates had not yet been submitted to the White House. The selection of the Federal Reserve chair and board members has always been the most direct means by which a president can influence the central bank. During his first term, Trump nominated the current chair, Jerome Powell, and when Powell did not cut rates as rapidly as anticipated, the President expressed regret over his initial decision. Hassett is in alignment with Trump on economic policy and both believe that further rate cuts are necessary. (FXStreet)