As per Crypto.News, U.S. Treasury Secretary Scott Bessent stated that President Trump is preparing to announce a successor to Federal Reserve Chair Jerome Powell, whose term ends in May 2026. Trump reportedly made his pick five days after Bessent’s remarks, though the official announcement may come early next year. Kevin Hassett is a leading candidate, raising questions about how a crypto-friendly Fed chair might influence monetary policy. Bitcoin has historically correlated with Fed interest rate decisions, with prices typically rising during rate cuts. Trump has expressed strong interest in crypto, stating it is his primary concern. A new Fed chair could reduce policy uncertainty and potentially advocate for rate cuts, which are typically bullish for cryptocurrencies. Other candidates include Fed Governor Christopher Waller, Vice Chair Michelle Bowman, and BlackRock executive Rick Rieder. A 25-basis-point rate cut is expected at the Dec. 10 Fed meeting, though market volatility remains due to internal disagreements and unclear guidance.
Trump to Announce New Fed Chair Soon, Crypto Market Reacts
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