Hassett: If he has the opportunity, he is willing to serve as the chairperson of the Federal Reserve and advocates for deeper interest rate cuts

Hassett, director of the White House National Economic Council, said he had told Mr. Trump that he would accept the job if nominated to replace Mr. Powell as Fed chairperson. Mr. Hassett, one of Mr. Trump's named candidates, added that he hoped to implement a more aggressive rate cut at the December policy meeting. He said he was surprised that Mr. Powell had not made a more aggressive cut amid a prolonged government shutdown and better-than-expected inflation data. "I think the president feels rates could be lower, and I agree with that," Mr. Hassett said. He noted that he believes a 50 basis point rate cut is warranted, but expects the Fed to cut rates by only 25 basis points. Hassett believes that each week of the shutdown will reduce U.S. GDP by about $15 billion, noting that September's inflation data was lower than expected.