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How will markets and public react to 'shadow Fed chair' proposal by June 2025?
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Story
Trump Adviser Scott Bessent Proposes 'Shadow Fed Chair' to Undermine Powell
Oct 9, 2024, 07:57 PM
Donald Trump's economic adviser, Scott Bessent, a hedge fund manager, has proposed a controversial plan to appoint a 'shadow Fed chair' if Trump wins the 2024 presidential election. The plan involves nominating a new Federal Reserve chair in 2025, a year before Jerome Powell's term ends in May 2026. This strategy aims to undermine Powell's authority by shifting focus to the new nominee, effectively rendering Powell a lame-duck chair. Bessent believes this move would leverage the concept of forward guidance to diminish Powell's influence on monetary policy decisions.
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