White House Economic Chief Sees Growth, Inflation Relief in November CPI Data

According to NEC Director Hassett, recent three-month average inflation of 1.6% supports President Trump’s stance and leaves room for potential Federal Reserve rate cuts.

87d ago

Summary

White House National Economic Council Director Kevin Hassett reported that U.S. inflation is averaging around 1.6% over the past three months, below the Federal Reserve's 2% target. He stated that this aligns with President Trump's views and creates room for possible interest rate cuts. Hassett reiterated his call for the Fed to base rate decisions on incoming data, noting that recent CPI data showed strong economic growth, easing inflation pressures, and wage growth exceeding consumer prices.

Terms & Concepts

CPI (Consumer Price Index): A measure of the average change over time in the prices paid by consumers for goods and services.
Federal Reserve: The central bank of the United States, responsible for monetary policy, including setting interest rates.
National Economic Council: A U.S. government body that advises the president on domestic and international economic policy.