Asia-Pacific markets rose Wednesday, tracking Wall Street gains on hopes that the U.S. Federal Reserve could cut benchmark interest rates in December.

Expectations rose after Bloomberg reported that White House National Economic Council Director Kevin Hassett was being considered as the frontrunner to become the next Fed chair. Investors see Hassett as someone more likely to push the central bank toward a lower-rate environment favored by President Donald Trump.

Treasury Secretary Scott Bessent told CNBC on Tuesday that there was a "very good chance" that Trump could name a new Fed chair before Christmas.

Markets are pricing in a more than 84% chance that the Fed would cut rates in December, according to the CME FedWatch tool. New York Fed President John Williams also said on Fri

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