Chris Phelan, an adviser at the Federal Reserve Bank of Minneapolis, is the front-runner to be tapped as President Donald Trump’s new chief economist, according to Politico citing sources

The news that Chris Phelan is a front-runner for the chief economist position signals a potential shift in economic policy direction under the Trump administration, especially regarding the Federal Reserve's stance. Market participants will be watching closely to see if this indicates a more hawkish or dovish bias in future rate decisions, which could affect USD dynamics and broader market sentiment across fixed income and equities.