Wall Street is making a last-ditch effort to prevent Trump from appointing Hassett as Federal Reserve chairperson

According to Fox Business correspondent Charles Gasparino, Wall Street and corporate America insiders are making a last-ditch effort to warn Trump about the problems that would arise from choosing Kevin Hassett as chairperson of the Federal Reserve. The argument from Wall Street and the business community is broadly that, given the political nature of Hassett's job (director of the National Economic Council) and past experience, he lacks credibility among the Fed's internal staff and the markets, which seek independence from the Fed. Appointing Hassett would lead to higher long-term interest rates and the Fed would be thrown into chaos.