Chairperson Kevin Hassett of the White House National Economic Council on the 21st (local time) said the U.S. Federal Reserve (Fed) should have cut rates earlier.
Hassett, the Chairperson, appeared on Fox News and said he agreed with President Donald Trump's remark that "the Fed is slow," and stated accordingly. He said, "If you look at the data, inflation is much lower than the target," adding, "we are experiencing a supply shock, which means we can achieve high growth without inflation."
Hassett, the Chairperson, mentioned Chicago Federal Reserve Bank President Austan Goolsbee, saying, "Looking at the latest inflation figures, he admitted it was a mistake to vote against the last rate cut," and added, "(President Goolsbee) will support rate cuts going forward."
Hassett, the Chairperson, flatly rebutted claims that a significant portion of the expense from the Trump administration's tariff policy was passed on to consumers. Citing that under the Trump administration, the three-month average core inflation excluding food and energy fell to 1.6%, he said, "Inflation fell sharply under President Trump." He added, "In the past few months, we have recorded a (trade) surplus," and said, "We ended up with 4% growth and inflation in the 1% range."
Meanwhile, Hassett, the Chairperson, said he is preparing measures to reduce the financial burden on U.S. homebuyers. He said economic aides will spend a considerable period after Christmas at President Trump's Mar-a-Lago resort and plan to present the president with ideas related to housing.
Hassett, the Chairperson, is among the candidates for the next Fed chair, who will take office in May next year. President Trump said he is "a person who makes sound and independent judgments based on data."