Wall Street frets over Hassett as potential Fed chair

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• 00:02

  Good morning from the Financial Times.

• 00:04

  Today is Thursday, December 4th.

• 00:06

  And this is your FT News Briefing.

• 00:08

  Bond investors aren't thrilled with the leading Fed chair candidate,

• 00:12

  and HSBC's search for a chair is finally over.

• 00:17

  Plus, the EU has a plan for frozen Russian assets, but it's not going to make everyone happy.

• 00:22

  One of the striking things that came out when the commission made its proposal is that it will not require unanimity.

• 00:30

  I'm Mark Filipino and here's the news you need to start your day.

• 00:41

  Yesterday we told you it might be a while until we know who will replace Federal Reserve Chair Jay Powell when his term ends next May.

• 00:49

  But Wall Street has a habit of being a bit jumpy and true to form investors in the $30 trillion U.S.

• 00:54

  bond market have already expressed deep concerns to the Treasury Department over the frontrunner Kevin Hassett.

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  He's the White House's top economic official and has served as senior economic advisor to past Republican presidential campaigns.

• 01:07

  Kate Duget is the FTZUS markets editor and has the scoop on this.

• 01:11

  Hi, Kate.

• 01:11

  Hi.

• 01:12

  So first of all, what went down and when?

• 01:16

  About two, three weeks ago, prior to the final round of interviews with Fed share candidates,

• 01:23

  the Treasury Department reached out to big bond investors to solicit some feedback about the candidates that were going forward.

• 01:32

  So this includes big Wall Street banks, it includes big asset managers, among other institutions.

• 01:39

  We also know that some of the people who were asked are members of the Treasury Borrowing Advisory Committee.

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