Watch CNBC's full interview with White House National Economic Council Director Kevin Hassett

Summary

Kevin Hassett discusses Alan Greenspan's legacy, draws parallels between the AI boom and the 1990s internet productivity surge, expresses optimism on AI profitability, downplays oil supply disruption risks citing progress in Iran negotiations and futures market expectations, and outlines the administration's focus on fiscal discipline through spending cuts and tax policy to drive growth.

• Hassett reminisces about Greenspan's prescient recognition of the internet productivity boom in the 1990s.
• He asserts that AI companies are already generating substantial profits, unlike the dot-com era, supporting a less speculative investment case.
• He notes that oil futures markets consistently anticipated a decline into the $70s as the Iran conflict risk recedes.
• Progress in JD Vance's negotiations with Iran and normalization of tanker traffic through the Strait reduces oil supply disruption fears.
• The administration reduced federal employment by 300,000 workers as a permanent spending cut to improve fiscal health.
• Strong capital spending data, boosted by tax expensing provisions, signals positive economic effects of recent policies.
• Hassett does not advise the new Fed chair on rate moves but is hopeful about organizational improvements at the central bank.