United States National Economic Council (NEC) Director Kevin Hassett remarked on Tuesday that the Federal Reserve is "way behind the curve" when it comes to lowering its interest rates, reaffirming his recent statement that there is "plenty of room" for the central bank to reduce them.
Speaking to CNBC, Hassett, who has been perceived as the favorite to succeed Jerome Powell as Fed chair, described the 4.3% rise in the gross domestic product (GDP) in the third quarter as "a great Christmas present for the American people." He attributed the rise to a decline in inflation and income growth, something that people "are very optimistic about." Hassett added that sustained GDP growth will contribute to stable employment.
Hassett highlighted those achievements as evidence that President Donald Trump's "trade agenda is working." Furthermore, he added that the administration is finalizing a new housing plan, which will be revealed later next year.
https://breakingthenews.net/Article/Hassett:-Fed-way-behind-curve-in-lowering-rates/65397819
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