PANews reported on November 13th that, according to Jinshi News, White House National Economic Council Director Hassett stated that he has told Trump that he would accept the nomination to succeed Powell as Federal Reserve Chairman. Hassett added that he hopes to implement a larger interest rate cut at the December policy meeting. Hassett is one of Trump's nominated candidates. He expressed surprise that Powell did not take more aggressive rate cuts given the prolonged government shutdown and better-than-expected inflation data. Hassett said, "I think the president feels that interest rates can be lower, and I agree with that." He noted that he believes there is reason for a 50-basis-point rate cut, but expects the Fed to cut rates by only 25 basis points. Hassett believes that every week the government shutdown lasts reduces US GDP by approximately $15 billion, and pointed to the lower-than-expected inflation data in September.