Wall Street is making a final effort to block Trump from appointing Hassett as Federal Reserve Chair.

BlockBeats News, December 4—According to Fox Business reporter Charles Gasparino, insiders on Wall Street and in the US business community are making a last-ditch effort to warn Trump about the issue of appointing Kevin Hassett as Federal Reserve Chair. The main argument from Wall Street and the business sector is that, given Hassett’s political role (as Director of the National Economic Council) and his past experience, he lacks credibility among Fed staff and in the markets, while the market seeks independence for the Fed. Appointing Hassett would lead to a rise in long-term interest rates and throw the Fed into chaos. If Hassett manages to lower short-term rates through a split vote amid stubborn inflation pressures (as Trump desires), this would be seen as political interference and trigger inflation. Mortgage and consumer rates are benchmarked to the 10-year Treasury; if they surge due to inflation fears, it could slow the economy as the midterm elections approach. Of course, Trump may disregard all of the above and stick to his decision. Other contenders for the Fed Chair position include Kevin Warsh and Federal Reserve Governor Christopher Waller, both of whom could be potential candidates.