TechFlow news, November 13 — According to Jinshi Data, Kevin Hassett, Director of the White House National Economic Council, said he has told Trump that he would accept the position if nominated to succeed Powell as Fed Chair. Hassett added that he hopes to implement a larger rate cut at the December policy meeting. Hassett is one of the candidates mentioned by Trump. He expressed surprise that Powell did not pursue more aggressive rate cuts amid a prolonged government shutdown and better-than-expected inflation data. Hassett said, "I think the president feels rates could be lower, and I agree." He believes there is a case for a 50-basis-point rate cut but expects the Fed will only cut rates by 25 basis points. Hassett estimates that each week the government shutdown continues reduces U.S. GDP by about $15 billion and noted that September's inflation figures came in below expectations.
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