Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.

Scott Bessent is not going to be the next Federal Reserve chair. This came only hours after Scott himself said he’d be “happy to do it” if asked. The timing was insane. One moment, the Treasury Secretary was on Bloomberg TV talking like a front-runner.

Kevin Hassett, Trump’s longest-serving economic adviser, is a leading contender to become the next Federal Reserve chairman, a position with significant influence over interest rates and the U.S. econ