Donald Trump dashed the hopes of the hot favorite to succeed Federal Reserve Chairman Jerome Powell to his face on live television.
Kevin Hassett, director of the White House National Economic Council, was widely tipped to be the next central bank chief.
But his aspirations suffered a major blow on Friday when his boss told him he was too good to let go.
“I see Kevin’s in the audience, and I just want to thank you. You were fantastic on television today,” Trump told Hassett during a televised press conference in the East Room of the White House.
If that boded well for Trump’s economic adviser, the follow-up was a slap in the face.
“I actually want to keep you where you are, if you want to know the truth,” Trump added.
“If I move him, these Fed guys—certainly the one we have now—they don’t talk much. I would lose you. It’s a serious concern to me.”
Stocks dropped after Trump’s remarks, while the dollar bounced back after early session lows.
The president has made no secret of his disdain for Powell, nicknaming him “Too Late” because he believes he has delayed too long in lowering interest rates.
Powell’s term runs out on May 15, and Trump is expected to announce his successor in the next few weeks.
Hassett, 63, has long been seen as the frontrunner to replace him, but in an interview with Reuters last week, Trump said he was also looking at former Fed Governor Kevin Warsh and other candidates.
“The two Kevins are very good. You have some other good people, too,” said the president.
After Trump’s remarks, Hassett’s odds for getting the Fed job slipped on the predictions market site Kalshi to 16 percent, with Warsh’s chances rocketing to 60 percent.
Another candidate, according to Fox News, is BlackRock executive Rick Rieder, who reportedly met with the president on Thursday to discuss the role.
“We don’t want to lose him,” Trump said of Hassett on Friday. “We’ll see how it all works out,” he continued,
Hassett was attending Trump’s rollout of a promised $50 billion funding boost to rural healthcare services at the East Room event.
Health and Human Services Secretary RFK Jr. was also at the conference, which was screened live by several cable channels, including Fox News.
Hassett, chairman of the Council of Economic Advisers from 2017 to 2019. Hassett has worked at the American Enterprise Institute, a conservative think tank.
