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Fed Chair Candidate Shakes Up Market Nerves

Lately, there’s been a lot of buzz on Wall Street—rumors are swirling that Hassett might take over as Fed Chair. This has definitely unsettled many major institutions.

What are they worried about? To put it bluntly, they’re afraid he’s too close to the current president and might push for aggressive rate cuts for political reasons, undermining the Fed’s hallmark of independence. Last November, the Treasury even held a closed-door meeting with institutions to gauge their views on the matter.

The bond market is already getting jittery. If rate cuts go ahead regardless of inflation data, there could be a wave of long-term Treasury sell-offs—the lesson from former UK Prime Minister Truss is still fresh in everyone’s memory.

Hassett’s previous public appearances have also raised concerns. He seems more focused on political stances than market reactions, and his communication skills and leadership have been questioned. In contrast, Reed and Waller both have much stronger reputations in the industry.

Here’s the core issue: Does the Fed need an independent economic expert, or a policy operator who takes their cues from above? The answer to this question impacts the credibility of the entire monetary system.

Do you think Hassett will ultimately get the position? Share your thoughts?