The White House expressed disappointment over the fact that the Federal Reserve, the Central Bank of the United States, has held interest rates steady for three consecutive times.
On the 7th (local time), Kevin Hassett, Chairperson of the National Economic Council (NEC), said in an interview with Fox News, "We respect the independence of the Federal Reserve, but I do not always agree with Chair Jerome Powell and his policies," adding, "I am disappointed that they did incorrect economic modeling on tariffs."
He emphasized, "The Federal Reserve says tariffs will lead to an economic recession, but we have very strong employment indicators. Inflation has not occurred either."
Hassett criticized, "The Federal Reserve did not do that (hold the rates steady) when former President Joe Biden was printing and spending money, which resulted in 20% inflation. I wonder if they have some political views that are problematic."
Regarding warnings that retail stores could be left empty due to the tariff war with China, Commissioner Hassett pointed out, "There are rumors that are fueling fear," and noted, "The fact is that there are still plenty of goods on the shelves."
He also claimed that while imports from China have decreased, imports from other countries excluding China are increasing, stating emphatically, "There is no need to worry."
On the same day, Stephen Miran, Chairperson of the Economic Advisory Council, also drew a line against inflation concerns in an interview with Fox News.
Chairperson Miran said, "President Donald Trump has been very clear about his views on interest rates and currency policy," and added, "I do not agree with the Federal Reserve's concerns about inflation."
Earlier, Chair Jerome Powell of the Federal Reserve decided to hold the benchmark interest rate steady at 4.25% to 4.50% during the Federal Open Market Committee (FOMC). He later expressed concern in a press conference that if the trend of tariff increases is maintained, it could lead to rising inflation, slowing economic growth, and increasing unemployment rates.