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Kevin Hassett, widely seen as US President Donald Trump's new Fed Chair nominee, has been seen as a strong signal on interest rate policy, generating immediate buzz in the cryptocurrency market. Bitcoin's price jumped nearly 3% in the last hour, reaching $93,535.
Hassett, director of the White House National Economic Council and a frontrunner for the Fed chairmanship, said in a statement that the Fed “has ample room to lower interest rates significantly.” When asked if he would support the “significant rate cuts” Trump is calling for, Hassett said, “If the data shows we can do that, which it is showing right now, I think there's certainly room to do that.”
When a reporter asked whether these statements implied a rate cut of more than 25 basis points, Hassett replied unequivocally, “Yes.” Trump, in an interview with Politico the same day, said that rapid rate cuts would be a “litmus test” for his Fed chair candidates.
Hassett responded to questions about whether he would be loyal to Trump or independent economic assessments if he became Fed Chair as follows:
“I adhere to my own judgment, and I believe the president trusts that judgment.”
Hassett also highlighted the area of economic expansion, saying, “There is more fiscal space to do stimulus things right now,” “There will be a reconciliation bill next year,” and “many items like housing are being considered within this bill.”
*This is not investment advice.