Recently, Federal Reserve Chair Jerome Powell has been under fire from the presidency. The DOJ sent a subpoena to Jerome Powell and the Federal Reserve regarding the construction happening at the Federal Reserve. Powell’s term ends on May fifteenth, this year leading many to question who will be appointed as the Chair. A recent poll from CNBC tells us that although not popular, Kevin Hassett will be Powell's likely replacement, with 84% of members responding that Hassett will be the next Chairman of the Federal Reserve. Hassett, the director of the National Economic Council, was an advisor in the first Trump term and a key ally today. Respondents to the poll showed concern about Hassett commitment to the Fed’s dual mandate and independence.
CNBC also asked who should be the next Fed Chair. 11% said Hassett, 44% responded Christoper Waller, a highly influential Fed Governor who is known for supporting a cautious, gradual approach to reducing interest rates, emphasizing a data based approach looking at inflation and labor market strength. Waller represents a balanced past similar to Powell and Hassett represents a rare group of people being potentially nominated from outside the system.