Hassett sees no ‘excuse’ to raise rates
National Economic Council Director Kevin Hassett said Wednesday he sees no argument for raising interest rates in light of the latest data on the U.S. economy, including an “amazing” inflation report.
“There’s not really an excuse for raising rates right now,” Hassett said on CNBC’s “Squawk Box.”
He said that he expects the Federal Reserve will “be thinking the other way,” meaning lowering interest rates, if the data trends continue.
Hassett added that the White House is expecting Fed Chair Kevin Warsh, President Donald Trump’s pick who started the job in late May, will “drive the committee to the right answer.”
Hassett’s inclination toward lower rates matches Trump’s insistent demand that the U.S. central bank must quickly slash rates in order to boost the economy and make borrowing cheaper.
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