The most popular candidate for Federal Reserve Chair, Hassett: The CPI report is surprisingly good, and the Federal Reserve has a lot of room to cut interest rates

White House economic advisor Kevin Hassett welcomed the latest Consumer Price Index (CPI) report on Thursday, stating that the U.S. economy is showing signs of high growth and low inflation. In an interview, he said:

I’m not saying we can declare victory on prices yet, but this CPI report is shockingly good. Wage growth is outpacing price increases, and American taxpayers will receive substantial refunds next year, while the government will also help drive down mortgage rates.

The Federal Reserve has a lot of room to cut interest rates.

As one of the popular candidates to succeed Federal Reserve Chairman Jerome Powell, Hassett also stated that the Fed should be more transparent in the future:

I believe the Federal Reserve needs to be 100% more transparent than it is now. Whoever is in the Federal Reserve needs to lay all the cards on the table so that we can truly understand what is happening inside the institution.

In a prime-time address to the nation on Wednesday, President Trump promised that the economic situation will improve next year and mentioned his tax cuts, tariff measures, and plans to replace Powell. Trump is expected to announce his choice to succeed Powell early next year