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on December 10, despite widespread market expectations that Kevin Hassett, Director of the White House Council of Economic Advisers, would be nominated as the next Chair of the Federal Reserve, the participants in the CNBC Federal Reserve survey indicated that he is not their first choice. The survey showed that 84% of respondents believe President Trump will nominate Hassett to lead the Federal Reserve. However, only 11% think the president "should" do so. Federal Reserve Governor Christopher Waller received the most support at 47%, closely followed by Kevin Walsh at 23%. However, only 5% of respondents believe Trump will nominate either of these two. Concerns about Hassett seem to focus on his commitment to the dual mandate and the independence of the Federal Reserve. 76% of respondents believe the next Chair of the Federal Reserve will take a more dovish stance than incumbent Chair Powell - cutting interest rates faster when the labor market is weak and raising rates later when facing inflation above target. The majority of respondents (51%) believe the next chair is likely to meet Trump's demand for interest rate cuts, while 41% think he will act independently.
