White House Officials Speak Out in Succession: Hassett Says PCE Data Makes Warsh's Job "Easier," Navarro Calls on Fed to Consider Fed Rate Cut
White House official Hassett stated that the latest PCE inflation data has made Federal Reserve Chair Warsh's job easier, and reaffirmed confidence in Warsh and the Fed's independence. Trade advisor Navarro called on the Federal Reserve to consider an interest rate cut. Data showed that the U.S. June PCE fell by 0.1% month-on-month, marking the first monthly negative growth since 2020, while the year-on-year growth rate of core PCE also declined
Kevin Hassett, Director of the National Economic Council at the White House, stated in an interview that the inflation data released on Thursday has made Federal Reserve Chair Warsh's job "slightly easier."
When asked if he still had confidence in Warsh, Hassett replied, "Absolutely." He stated that Warsh would make the appropriate decisions based on the data.
Hassett said, "I am very, very optimistic about the future direction of Federal Reserve policy moving in the right direction, namely maintaining a non-partisan and independent course."
On the same day, White House Trade Advisor Peter Navarro stated that if current market trends continue, the Federal Reserve should consider lowering interest rates.
According to a previous article by Wallstreetcn, the U.S. PCE price index fell by 0.1% month-on-month in June, recording its first monthly negative growth since 2020, with the year-on-year increase narrowing from 4.1% in the previous month to 3.7%. The year-on-year growth rate of core PCE, which excludes energy, slipped slightly from 3.4% to 3.3%, while the month-on-month increase was only 0.1%, lower than the market expectation of 0.2%.
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