Treasury Secretary Scott Bessent said Tuesday that there’s a “very good chance” that President Donald Trump will name a new Fed chair by Christmas—and Kevin Hassett, director of the National Economic Council, has reportedly emerged as the frontrunner to take Jerome Powell’s place in May.

Hassett played a central role in helping to design and pass the Tax Cuts and Jobs Act of 2017 as the Chair of the Council of Economic Advisers during Trump’s first term. The longtime adviser to Trump is seen by advisers and allies of the president as the favorite to be the next Federal Reserve chair, Bloomberg reported Tuesday, citing people familiar with the matter.

Trump would have a close ally whom the president knows well and would bring the president’s approach to interest-rate cutting to the Fed, B

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