Kevin Hassett Reportedly Becomes Front-Runner for Fed Chair

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.

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.

Kevin Hassett, a longtime advisor to former President Donald Trump, has reportedly emerged as the leading candidate for the position of Federal Reserve chair, with Treasury Secretary Scott Bessent indicating a potential announcement by Christmas. This development highlights the ongoing discussions surrounding the future leadership of the Fed and its implications for U.S. monetary policy.

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.

President Donald Trump has expressed dissatisfaction with the Federal Reserve's current monetary policy, particularly criticizing Fed Chair Jerome Powell for not aligning with his demands to lower interest rates significantly. This tension highlights the ongoing struggle between the White House and the independent central bank regarding economic management.

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.

A lawsuit has been filed against Binance by the families of victims from the October 7 attacks in Israel, accusing the cryptocurrency exchange of facilitating the movement of $1 billion used to finance terrorism through its network. The founder, Changpeng Zhao, has previously faced legal issues, including a conviction for money laundering in 2023, which was later pardoned by President Trump.