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To investors,
There is wild speculation over who the next Federal Reserve Chairman will be.
It has essentially become a finance soap opera. There was a period of time where the President was threatening to fire Jerome Powell. We saw the administration pressuring the Fed into cutting rates more aggressively. Housing Director Bill Pulte found reported mortgage fraud emanating from one of the Fed Governors, which led to a big legal dispute on whether the President could fire the Governor. And most recently, Stephen Miran replaced Adriana Kugler on the Fed’s Board of Governors after Kugler stepped down to return to academic life.
This type of chaos is relatively unprecedented for America’s central bank. But the entire Trump administration has been relatively unprecedented, so maybe that makes the chaos part of the strategy.
This brings us to the big question: who will be the next Fed Chairman?
While we won’t know until the official announcement, President Trump seemed to give us a hint yesterday during a public appearance at the White House. Watch what he said about Kevin Hassett and the Fed Chairman speculation:
Polymarket odds have Kevin Hassett as the dominant favorite (83%) to be the next Fed Chairman as well.
So who exactly is Kevin Hassett and do we think this is a good choice?
Kevin Hassett is a well-known supply-side economist. His policy views are focused on unleashing economic growth through tax cuts, deregulation, and accommodative monetary policy. A key component of his world view is that we should prioritize growth over very strict inflation control.
Many people consider Hassett to be a “pro-growth” conservative. This is based on his argument that lower barrier to investment and production can raise wages, boost innovation, and enhance national security.
None of those seem like bad ideas. The question is how do we get those outcomes? That is where the big debate and controversy lies.
Now another aspect of Hassett’s views comes from a book he wrote in 2014 where he discusses a “4% Solution.” This idea is a roadmap for sustained 4% GDP growth through tax certainty, spending restraint, and energy deregulation. Again, this sounds a lot like Ronald Reagan’s supply-side ideas.
Hassett has been pushing this idea recently as he argues booming consumption under Trump policies signals “lower-income optimism,” contrasting with what he calls overstated Biden-era stagflation.
Here are some of Hassett’s key policy positions as summarized by Grok:
Now one other interesting data point on Kevin Hassett, which was pointed out by Opening Bell’s Phil Rosen, is that Hassett “is a former Coinbase advisor who still reportedly holds a sizable stake in the cryptocurrency exchange.”
So we have Trump fanning the flames of speculation. We have Kevin Hassett leaning into the supply-side economic policies. And we have market participants that are salivating over the idea of a new Fed Chairman who would bring interest rates down and drive more growth in asset prices.
It ain’t over until the fat lady sings. But I say bring on Mr. Hassett and let him bring some common sense back to the central bank.
Hope everyone has a great day. I’ll talk to you tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Bitcoin Drops 40% — Should We Be Worried?
Anthony and John Pompliano break down the chaos inside today’s markets — from Bitcoin’s pullback to what’s really happening with the ETFs. We dig into why Vanguard suddenly capitulated, how a Trump-appointed Fed chair could reshape the entire macro landscape, and why political goggles are destroying people’s ability to think clearly about money.
Plus, we unpack Michael and Susan Dell’s massive $6.25 billion donation to jump-start investing accounts for 25 million American kids — and what it means for the next generation of wealth-building.
Enjoy!
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