NEC's Hassett Criticizes Fed, Questions Rate Hike

Dow Jones05:27

1727 ET - White House adviser Kevin Hassett is calling the Federal Reserve's recent rate hike into question and criticizing its voting record around big elections. Core inflation is a better indicator of future inflation, and the latest reading came in at around a steady 2%, the National Economic Council Director says at a Georgetown University event. "If core is 2%, then why are we hiking?" Hassett says. He says his friend, Fed Chairman Kevin Warsh, is managing an "unusually partisan" Fed that, around major elections, has historically hiked rates when it would be politically disadvantageous for Trump and cut rates when it would benefit his opponents. "I think there's still some work to do to restore Fed independence," Hassett says.

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