On December 3, a scheduled interview was suddenly canceled.

Vice President Vance’s calendar originally included a meeting with a candidate for Federal Reserve Chair. But on the very day, the Trump team notified all candidates: don’t come.

Why? Because the choice may have already been made.

At a cabinet meeting the previous day, Trump himself let it slip: “The candidate list has been narrowed down to just one person.” He even gave a teaser: “The next Fed Chair is here today, I can tell you, he’s highly respected.”

All clues point to the same person—White House National Economic Council Director Kevin Hassett. The market puts his chances at over 80%.

This 63-year-old economist served as Chairman of the Council of Economic Advisers under Trump in 2017 and was appointed Director of the National Economic Council earlier this year. A textbook “insider.”

But what’s really making the market nervous is his recent shift in attitude.

Previously, Hassett was a staunch supporter of Fed independence. But starting this year, he’s publicly criticized current Chair Powell multiple times, and openly sided with Trump’s call for rate cuts. This 180-degree turn has not gone unnoticed in the financial world.

If he really takes over the Fed, what will happen?

The answer may be: aggressive rate cuts.

Hassett’s logic is clear—he believes the damage high interest rates do to the economy is worse than inflation itself. He’s already stated several times that, once in office, he would immediately push for substantial rate cuts.

The market has already started to react. After the news broke, long-term US interest rates fell sharply. The CME “FedWatch” tool shows:
- Probability of a December rate cut surged to 89%
- By next January, a cumulative 50-basis-point cut is possible

What does this mean for the crypto market? A loose monetary environment usually benefits risk assets, but the question is—if these cuts really come fast and hard, could it trigger new market volatility?

From 11 candidates to 5, and now to a “sole candidate,” this selection process appears ongoing, but it may have already concluded behind the scenes.

The answer should be revealed soon.