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Hassett Says Jobs Data Strong, Criticizes Fed's Powell

Watch on YouTube ↗  |  July 02, 2026 at 14:34  |  8:44  |  Bloomberg Markets
Speakers
Kevin Hassett — Director, White House National Economic Council

Summary

White House NEC Director Kevin Hassett argues the June jobs data show a strong, healthy labor market driven by a historic construction boom. He dismisses inflation fears due to AI as a positive supply shock, criticizes former Fed Chair Powell for partisanship, and expresses confidence that new Chair Kevin Warsh will run a data-dependent Fed. The interview also touches on Supreme Court rulings about presidential removal powers.

  • Hassett says job market is on an upward trajectory with a construction boom supporting growth.
  • He highlights AI as a productivity booster that allows non-inflationary growth.
  • He criticizes previous Fed for partisan moves and questions Jay Powell staying as a governor.
  • He praises new Fed Chair Kevin Warsh and expects data-dependent policy.
  • He declines to say if the White House will continue legal action against Fed governor Lisa Cook.
  • He welcomes a Supreme Court ruling affirming presidential authority over independent agency heads.
Ideas
Kevin Hassett Director, White House National Economic Council 0:49
Construction boom drives US job growth.
The US is experiencing the biggest construction boom ever, partly driven by the Big Beautiful Bill allowing expense of factory construction. This is showing up in strong construction employment and will support above-trend job growth and a better second half.
US Construction MED
Kevin Hassett Director, White House National Economic Council 2:33
AI boosts productivity without inflation.
AI is a massive positive supply shock that increases productivity across companies. It allows strong economic growth without upward pressure on prices, making the old Phillips curve (growth requires rate hikes) inapplicable.
AI / Tech HIGH
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This Bloomberg Markets video, published July 02, 2026, features Kevin Hassett discussing US Construction, AI / Tech. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kevin Hassett  · Tickers: US Construction, AI / Tech