National Economic Council Director Kevin Hassett stated that the Federal Reserve should cut interest rates at its upcoming meeting next week and predicted a reduction of 25 basis points.
In an interview on Fox News, Hassett was asked if he believed the Federal Open Market Committee would cut rates. "I think we should, and I think that we are likely to," Hassett said, referencing recent communications from Fed governors and regional presidents. "They now seem much more like they're leaning in the direction of a rate cut."
His comments come as speculation grows about President Donald Trump's upcoming nomination for the Federal Reserve leadership position. Trump indicated earlier this week that he plans to announce his selection for Fed chair in early 2026 and has already decided on a finalist.
The president has repeatedly praised Hassett in recent days, fueling speculation about his possible nomination. When asked about how many additional cuts he might pursue if nominated and confirmed to lead the Fed, Hassett avoided giving specific numbers, stating that the chair's role is to be "very data responsive" and to consider how rate adjustments would impact inflation and employment.
Source: Investing.com
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