Hassett: Willing to serve as Fed Chairman if given the opportunity, advocates for larger rate cuts.

[Hassett: Willing to Serve as Fed Chair if Given the Opportunity, Advocates for Larger Rate Cuts] Hassett, the Director of the White House National Economic Council, stated that he has told Trump that he would accept the position if nominated to replace Powell as Fed Chair. Hassett added that he hopes to implement larger rate cuts at the policy meeting in December. He is one of the candidates named by Trump. He expressed surprise that Powell did not take more aggressive rate-cutting measures amid the prolonged government shutdown and better-than-expected inflation data. Hassett said, “I think the president feels that interest rates can be lower, and I agree with him on that.” He pointed out that he believes there is reason for a 50 basis point cut, but expects the Fed to only cut by 25 basis points. Hassett believes that for every week the government remains shut down, the U.S. GDP decreases by about $15 billion, and noted that the inflation data for September was below expectations.