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Some Investors Cast Doubts on Hassett as Fed Chair - Bloomberg Radio
Dec 4, 2025 Latest Videos from Bloomberg Radio
Michael Ball, Bloomberg News Macro Strategist, discusses investor sentiment around Kevin Hassett's potential to lead the Federal Reserve.
Kevin Hassett may not have the ability to deliver the rapid pace of interest rate cuts US President Donald Trump would like even if he is approved as the next Federal Reserve Chair, said Gregory Peters, co-chief investment officer at PGIM Fixed Income.
Peters made the remarks amid rising talk that Hassett, the White House National Economic Council Director, may ease monetary policy aggressively to please Trump if he is picked to run the Fed. But the PGIM fund manager suggested that — since Fed rate decisions are ultimately decided by committee — Hassett won’t have the power to deliver on his own.
“Does he have the credibility within the committee to drive consensus?” said Peters, who is also a member of the Treasury Borrowing Advisory Committee, in an interview with Bloomberg TV. “We don’t know that answer. I don’t think he has that credibility. I think that’s what the bond market is telling you.”
Peters pointed to the rise in Treasury yields since it was first reported last week that Hassett is emerging as the frontrunner to take over for Fed Chair Jerome Powell, whom Trump has repeatedly criticized for not cutting interest rates quickly enough. His remarks were in response to a Financial Times report that bond investors, including those on the borrowing advisory committee, have voiced concerns to the US Treasury about Hassett’s potential appointment, reflecting anxiety about the central bank’s continued political independence.
His comments come as bond traders and big macro fund managers game out the impact of Trump’s shake-up of the Fed, where even hints of policy changes can send ripples throughout global markets. The rising chance that Trump will appoint a dovish Fed chair follows his months of unprecedented attacks on the institution, including insults aimed at Powell and an attempt to oust board member Lisa Cook.
Michael Ball, Bloomberg News Macro Strategist, discusses investor sentiment around Kevin Hassett's potential to lead the Federal Reserve.
Kevin Hassett may not have the ability to deliver the rapid pace of interest rate cuts US President Donald Trump would like even if he is approved as the next Federal Reserve Chair, said Gregory Peters, co-chief investment officer at PGIM Fixed Income.
Peters made the remarks amid rising talk that Hassett, the White House National Economic Council Director, may ease monetary policy aggressively to please Trump if he is picked to run the Fed. But the PGIM fund manager suggested that — since Fed rate decisions are ultimately decided by committee — Hassett won’t have the power to deliver on his own.
“Does he have the credibility within the committee to drive consensus?” said Peters, who is also a member of the Treasury Borrowing Advisory Committee, in an interview with Bloomberg TV. “We don’t know that answer. I don’t think he has that credibility. I think that’s what the bond market is telling you.”
Peters pointed to the rise in Treasury yields since it was first reported last week that Hassett is emerging as the frontrunner to take over for Fed Chair Jerome Powell, whom Trump has repeatedly criticized for not cutting interest rates quickly enough. His remarks were in response to a Financial Times report that bond investors, including those on the borrowing advisory committee, have voiced concerns to the US Treasury about Hassett’s potential appointment, reflecting anxiety about the central bank’s continued political independence.
His comments come as bond traders and big macro fund managers game out the impact of Trump’s shake-up of the Fed, where even hints of policy changes can send ripples throughout global markets. The rising chance that Trump will appoint a dovish Fed chair follows his months of unprecedented attacks on the institution, including insults aimed at Powell and an attempt to oust board member Lisa Cook.
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