Trump's economic adviser: The job market is weakening, and the Fed's current rate cut is reasonable

BlockBeats news, October 18, Kevin Hassett, an economic adviser to the Trump administration, said in an interview, "The Fed's move to cut the main interest rate by 50 basis points instead of 25 basis points last month was reasonable because the data showed that the job market was weakening. Based on the data they had at the time, it made sense to start a sharp rate cut, and it did look like economic growth was slowing sharply at the time."

Hassett's remarks conflict with Trump's condemnation of the Fed's actions when he spoke at the Detroit Economic Club earlier this month. Trump said at the time: "In fact, the Fed cut interest rates too quickly. The reduction was too large, and everyone knows that this is a political operation they are trying to carry out before the election." He hinted that the Fed is trying to lower borrowing costs to help his Democratic opponent Harris.

It is reported that Hassett is a researcher at Stanford University's Hoover Institution and has served as chairman of the Trump administration's Council of Economic Advisers since 2017. He has remained in Trump's circle, and if the Republican candidate defeats Harris next month, he will be expected to enter the leadership, including possibly taking charge of the Federal Reserve. (Golden Ten)