Kevin Hassett "I would accept if offered Powell's successor... A 0.5%% percentage point cut in the policy rate may be necessary in December"
Summary
- Kevin Hassett said he would accept the offer to become the next Fed chair if offered.
- Hassett said the Fed should have pursued more aggressive rate cuts based on market conditions and inflation trends.
- He said the policy rate in December should be cut by at least 0.25 percentage point, and possibly 0.5 percentage point.
Kevin Hassett, director of the White House National Economic Council (NEC), said he would accept the position if offered the next chairmanship of the Federal Reserve (Fed).
According to Bloomberg on the 13th (local time), Hassett said at a Washington Economic Club event, "If President Trump were to offer the position as Jerome Powell's successor, I would accept it."
He said, "Considering the current market conditions, the prolonged shutdown, and inflation running better than expected, the Fed should have carried out more aggressive rate cuts," adding, "It was somewhat surprising that Chairman Powell did not do so."
He added, "The president thinks rates could be much lower, and I agree. At the December meeting, a cut of at least 0.25% percentage point, and possibly 0.5% percentage point, would be justified."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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