assett’s comments came in an interview with Fox, where he stated that U.S. equity markets celebrated once it became clear that President Donald Trump was inching closer to a decision.
The economist pointed to Trump appointee to the Fed, Michelle Bowman, advocating for loosening capital requirements, and the passing of the GENIUS Act as threats to financial stability.
Data from popular prediction markets Kalshi and Polymarket show that bets regarding the Fed Chair pick on both platforms are now worth over $9 million.
While November is typically a strong month for equities, a decline in major technology stocks has dragged markets lower, leaving both the Dow Jones Industrial Average and S&P 500 down about 2%.
According to a Bloomberg News report, Treasury Secretary Scott Bessent has been on the selection process since the summer to replace Powell and has been interviewing nearly a dozen candidates.
The economist noted in a post on X that the decline in consumers’ expectations of the future condition was due to a “mix of lingering price worries and growing employment income insecurity.”
The latest report comes weeks before the Federal Reserve is set to decide on its monetary policy direction and take a call on whether a rate cut in December is needed.
In an update on its website, the BEA said that the advance estimate of gross domestic product for the third quarter of 2025 was initially scheduled for release on October 30.
