Connect with us

Finance

Donald Trump selects Kevin Hassett to lead National Economic Council

Published

1 month ago

on

White House Council of Economic Advisers Chairman Kevin Hassett addresses reporters during the daily briefing at the White House in Washington, U.S. February 22, 2018.

Jonathan Ernst | Reuters

President-elect Donald Trump picked Kevin Hassett to lead the National Economic Council, a role that puts him at the center of the administration’s policy-making discussions from trade to taxes and deregulation.

The move brings Trump closer to rounding out his economic team, with U.S. trade representative being the last of the key positions left.

Trump made the announcement in a post on Truth Social.

During Trump’s first administration, Hassett served as the chairman of the Council of Economic Advisers for two years, supporting the Republican’s corporate tax cuts and defending Trump’s punitive tariffs.

The 62-year-old Hassett also worked with Trump’s son-in-law Jared Kushner on immigration and backed a move to end waivers of sanctions for countries that buy Iranian oil.

The appointment came as Trump renewed his vow to raise tariffs by an additional 10% on all Chinese goods coming into the U.S. and impose tariffs of 25% on all products from Mexico and Canada. Such a move would end a regional free trade agreement.

Trump is set to be inaugurated as the next U.S. president on Jan. 20. He cited illegal immigration and illicit drug trade as reasons for the tariffs.

Hassett previously served as a scholar of fiscal policy at the conservative American Enterprise Institute think tank before Trump nominated him to the White House role in 2017.

Late last week, Trump signaled his intention to nominate Scott Bessent, founder of hedge fund Key Square Group and a seasoned market pro, as his Treasury secretary.

Related Topics:
Continue Reading

Finance

RGTI, KULR, MSTR and more

Published

2 days ago

on

December 27, 2024

By

Continue Reading

Finance

Stocks making the biggest moves midday: RCAT, RGTI, HMC

Published

2 days ago

on

December 27, 2024

By

Continue Reading

Finance

10-year Treasury yield back above 4.6% after mixed jobless claims data

Published

2 days ago

on

December 27, 2024

By

Treasury yields were slightly higher early Friday after a mixed set of data on weekly jobless claims.

The yield on the benchmark 10-year Treasury was 3 basis points higher at 4.607%, slightly down from its peak earlier in the week but back above the 4.6% level it had not breached since May. The 2-year Treasury was fractionally higher at 4.334%.

One basis point is equal to 0.01%. Yields move inversely to prices.

After the Christmas break, jobless claims data released Thursday for the week ending Dec. 21 came in 1,000 lower at 219,000, below the 225,000 consensus forecast from Dow Jones.

However, continuing claims rose by 46,000 for the week ending Dec. 14 to the highest level since November 2021.

The 10-year Treasury yield has risen more than 40 basis points in December as traders anticipate a more hawkish Federal Reserve in 2025. The central bank next meets at the end of January, when a rate hold is expected.

Monthly data on wholesale inventories is due Friday.

Continue Reading

Trending