Longtime Trump advisor Kevin Hassett emerges as favorite for Fed chair, Bloomberg reports

Spot gold prices have edged higher amid rising expectations for a Federal Reserve interest rate cut, following dovish comments from policymakers, as reported by ANZ. This upward movement reflects a growing sentiment among investors seeking safe-haven assets in uncertain economic conditions.

Wall Street concluded the trading session on a high note, driven by increasing expectations for a Federal Reserve interest rate cut in December. This positive sentiment was reflected in the performance of major indices, particularly following a rebound in technology stocks.

Kevin Hassett has emerged as the leading candidate for the position of Federal Reserve Chair, a development that could influence the U.S. dollar's value according to investors. This news follows reports of increased expectations for a potential interest rate cut by the Fed, which could further impact market dynamics.

U.S. Treasury yields remained mixed as markets approach the holiday season, with traders increasingly betting on a potential interest rate cut by the Federal Reserve in December. This sentiment reflects a cautious optimism among investors amid ongoing economic uncertainties.

Kevin Hassett, a prominent economic adviser to President Trump, has reportedly emerged as the leading candidate to become the next chair of the Federal Reserve, a position that has significant implications for U.S. monetary policy. This development comes amid ongoing scrutiny of the Fed's current leadership and its policies.

Treasury Secretary Scott Bessent has been exploring various strategies to reassure consumers amid rising prices, while also justifying President Trump's import duties. Bessent's approach reflects a shift in his previously skeptical stance on tariffs since assuming his role in the Trump administration.

U.S. stock futures indicated a higher open as global markets rose, following broad gains on Wall Street. This positive momentum is attributed to delayed economic data that has increased expectations for a potential interest rate cut by the Federal Reserve next month.

Asian foreign exchange markets remained steady as expectations for interest rate cuts by the Federal Reserve increased, with the Australian dollar gaining on strong Consumer Price Index (CPI) data and the New Zealand dollar rising following the Reserve Bank of New Zealand's (RBNZ) decisions.