United States President Donald Trump has said he has decided on his pick for the next chair of the Federal Reserve.

While Trump has yet to confirm his nominee, one name stands out as the overwhelming favourite: Kevin Hassett, the director of the White House’s National Economic Council.

Prediction market Kalshi on Wednesday put the odds of Hassett being nominated at 86 percent, compared with 6 percent for former Fed governor Kevin Warsh and 4 percent for sitting Fed governor Michelle Bowman.

Why does it matter who leads the Federal Reserve?

As the central bank of the world’s largest economy, the Fed is arguably the most important financial institution on the planet.

The Fed performs several key roles in the US economy, including setting monetary policy, supervising and regulating banks

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