Frontrunner emerges in White House search for new Fed chair: report

Asian stocks rose as they followed Wall Street's upward trend, driven by increasing expectations for interest rate cuts by the Federal Reserve. This rally reflects a broader recovery in global equities, with Bitcoin trading above $90,000 after recent volatility.

The Federal Reserve's latest report indicates a struggling job market and moderate inflation as of November, highlighting the challenges faced by central bank officials in their upcoming decisions. This report reflects ongoing economic pressures that complicate the Fed's dual mandate of managing inflation and unemployment.

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.

US stocks advanced for the fourth consecutive day on Wednesday, buoyed by rising expectations for an interest-rate cut at the Federal Reserve's upcoming meeting, which has contributed to a positive market sentiment ahead of the Thanksgiving break.

Wall Street concluded the trading session on a positive note as expectations for a Federal Reserve interest rate cut in December gained momentum. This optimism was reflected in the performance of major indices, particularly following a rebound in technology stocks after a period of volatility.

Investors are increasingly betting on a Federal Reserve interest rate cut in December, following a shift in sentiment that has emerged over the past week. This change is reflected in the surge of activity in Fed futures, indicating a strong belief that policymakers will act to lower borrowing costs during their upcoming meeting.

The Federal Reserve is facing significant internal divisions as it approaches its December meeting, where a decision on a potential interest rate cut for the third time this year is expected. Policymakers are split on how to address a weakening labor market while managing rising inflation, leading to uncertainty about the central bank's direction.

Treasury yields have decreased, with the 10-year yield approaching 4%, following weak labor market data and comments from Federal Reserve Governor Stephen Miran that have heightened expectations for an interest rate cut next month.