Kevin Hassett, former Director of the National Economic Council under Trump, criticized Federal Reserve Chairman Jerome Powell in a Fox Business interview, stating his monetary policies support Democrats against Trump. Hassett contended Powell's interest rate decisions are politically motivated and detrimental to the Trump administration, especially as the midterms approach. He claimed that recent tariffs haven't spurred inflation as Powell suggests and highlighted the discrepancy in interest rates compared to other nations. Hassett emphasized the need for the Fed to heed Republican concerns about Powell's actions in light of their potential political implications.
We've got the lowest inflation that we've seen in over four years, and the Fed has given us about the highest interest rates on Earth.
If the Fed respects its independence, then it should pay attention to what Republicans are saying about Jay Powell.
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