Trump's Fed Pick: Lower Rates, Less Independence
Update: 2025-12-18
Description
President Trump announces plans for a new Federal Reserve chair, favoring lower interest rates. Finalists include Kevin Hassett, Kevin Warsh, and Chris Waller, all supporting lower rates. However, none advocate for the drastic cuts Trump suggests. The Feds rate influence on mortgage rates is limited, with longer-term rates like the ten-year Treasury note yield playing a more significant role. Mortgage rates have remained stable around 6.3-6.4% since Labor Day. Trump hints at favoring either Warsh or Hassett, suggesting the next chair should consult with him on setting interest rates, a departure from typical Fed independence.
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