Trump Hesistant on Hassett as Fed Chair, Greenland Tariffs, More
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump expressed some reluctance today in nominating Kevin Hassett as his next Federal Reserve chair.
I actually want to keep you where you are if you want to know the truth.
Trump says if Hassett were to leave his post as director of the National Economic Council, it would deprive the administration of one of its most powerful messengers on the economy. Kevin Hassett is so good. I'm saying, wait a minute. If I move him, these Fed guys, certainly the one we have now, they don't talk much. I would lose you. It's a serious concern to me. Hassett has been a top contender to succeed Fed Chair Jerome Powell. But Trump's effort to fill Fed vacancies is already facing some roadblocks in the Senate. Bloomberg's Stuart Paul explains why.
Earlier this week, we saw Senator Tom Tillis, one of the members of the Senate Banking Committee. say that he would not consider any nomination to the Fed from the president until the entire DOJ probe of Chairman Powell and the Federal Reserve is brought to a conclusion. Now, Tillis is an important member of the Senate Banking Committee. He's not running for reelection in 2026, so he gets to assert a little bit more legislative independence and a little bit more oversight independence. And if he refuses to vote for any Trump nominee, you cannot get any nominee through the Senate Banking Committee into the floor of the Senate.
That's Bloomberg's Stuart Paul on Bloomberg Intelligence. President Trump has said he plans to announce his nominee for Fed chair in the next few weeks. Traders, meantime, are dialing back expectations for Fed rate cuts this year due to Trump's comments on Hassett. And stocks and treasuries aren't moving too much today. The Dow is relatively flat. The Nasdaq and S&P right now up about a tenth of a percent. The 10-year Treasury yields at 4.2 percent. The two-year yields at about 3.6 percent. President Trump's threatening fresh tariffs on goods from nations that oppose his push to take control of Greenland.
Why is Trump hesitant to nominate Kevin Hassett as Fed Chair?
I may put a tariff on countries if they don't go along with Greenland because we need Greenland for national security. But a bipartisan group of U.S. lawmakers is in Denmark today to reassure Danes that Congress is opposed to Trump's threat to seize the territory. Republican Senator Lisa Murkowski of Alaska is among them.
When it comes to matters of relationships with our friends, with our allies, as we have here in Denmark, as we have... in Greenland, that it is not a subject of Republicans versus Democrats. It is a recognition, again, of a strong and a continuing relationship over decades.
Murkowski speaking to reporters after meeting with leaders in Copenhagen today. The territory is part of Denmark, which is a NATO ally, and several European countries have already sent military staff to Greenland to defend it. President Trump says he's holding off on attacks in Iran as its most extensive Internet blackout on record continues. Bloomberg's Tyler Kendall has more on that from Washington.
It depends who you talk to on Capitol Hill, but we have definitely heard from some perhaps more hawkish members. Senator Lindsey Graham, who yesterday told reporters that he would prefer a bigger strike compared to targeted strikes and to take this opportunity to capitalize on what has been this perhaps more interventionist sense from the Trump administration on the heels of of what happened last week in Venezuela with the capture of Nicolas Maduro and also President Trump's ramped up rhetoric when it comes to Greenland.
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