Hassett: Trump’s Fed chair pick may take few months

White House National Economic Council Director Kevin Hassett said President Donald Trump’s decision on a successor to Federal Reserve Chair Jerome Powell could take another few months.

Hassett praised Powell’s recent speech at Jackson Hole as a balanced assessment of economic risks and monetary policy direction, but noted that annual inflation over the past six months stood at 1.9% and argued that the Fed had been slow to respond to the slowdown in prices.

He told CNBC the federal government may continue buying stakes in private companies following its recent acquisition of about 10% of Intel, describing the move as a down payment on a potential sovereign wealth fund.

Hassett added that Trump has long advocated the creation of a US sovereign wealth fund and that future acquisitions could cover other sectors. He stressed, however, that the government does not intend to manage the companies or hold voting rights in them.

Powell’s term as Fed chair ends in May. Treasury Secretary Scott Bessent is leading a detailed search process involving several prominent candidates who are holding interviews with Trump and his team.