Hasset Responds to Succeeding as Federal Reserve Chair: Willing to Serve
American Chinese News report: White House National Economic Advisor Kevin Hassett said on Sunday that the record "Black Friday" sales confirmed the Trump administration's optimistic outlook on the U.S. economic growth prospects.
Hassett said in an interview with CBS' "Face the Nation" program that online sales during this year's Black Friday increased by about 10% compared to last year, and retail sales also increased by about 4%, indicating that the U.S. economy remains very resilient.
Hassett said, "The good news coming out of Thanksgiving is a precursor to stronger performance ahead." He also believes that strong consumer spending shows the U.S. economy has the capacity to recover quickly from the government shutdown that lasted for several weeks and caused billions of dollars in losses.
Despite ongoing inflation, a weak job market, and economic uncertainty, the White House has been downplaying warnings from outside about the potential negative impact of its aggressive tariff policies on economic growth.
Notably, Hassett also said on Sunday during an interview with Fox News that the market reacted positively to the news that President Trump may announce the next Federal Reserve chair before the end of this year, and he himself is considered the most likely candidate to succeed in this position.
Hassett said, "President Trump has a large pool of excellent candidates, and I think any one of them would be much better than the current situation. But when people see that the president is getting closer to making a decision, the market really started to cheer, not only did interest rates drop, but we also completed one of the best Treasury auctions in history. So I think the market now expects the Fed to have new people, and expects President Trump to pick a new person. If he finally picks me, I will be willing to serve."
Treasury Secretary Bessent, who is responsible for overseeing the selection process, said last week that President Trump may announce his nominee before Christmas (December 25).
Sources say that Trump has great trust in Hassett and believes that he shares his views on pushing the Fed to cut interest rates more aggressively. Although Trump is known for changing his mind at the last minute, the prospect of Hassett being nominated caused the 10-year U.S. Treasury yield to briefly fall below 4%.
Other potential candidates besides Hassett include: Federal Reserve Governor Christopher Waller, Michelle Bowman, former Federal Reserve Governor Kevin Warsh, and Rick Rieder from BlackRock. (American Chinese Television)
Original: toutiao.com/article/1850290983450632/
Statement: This article represents the personal views of the author.