FINANCIAL pundits seem convinced that the new US Federal Reserve (Fed) chair will be an uber-dovish Donald Trump loyalist intent on slashing interest rates regardless of the economic fundamentals. Markets aren’t buying it.
Jerome Powell, whose eight-year term as Fed chair ends in May, is widely expected to be replaced by the president’s top economic adviser Kevin Hassett.
Trump indicated as much last week, saying he has narrowed his list down to one person and later introducing Hassett at a White House event as “a potential Fed chair.”
Hassett is undoubtedly a Trump loyalist.
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