NEC’s Kevin Hassett on 9/11, Inflation, Trump’s $5,000 Payments

Summary

Kevin Hassett, director of the National Economic Council, discusses the August CPI report, saying inflation is clearly decelerating over the last three months even with a hotter core print. He defends Fed independence while relaying President Trump's view that rates have room to fall, and he outlines the possible path to a $5,000 payment if Republicans keep control of Congress. Hassett also reflects on his experience during the September 11 attacks and argues the US economy is strong, with solid growth, jobs, and inbound investment.

• Hassett says three-month core CPI has fallen to about 2%, indicating inflation is decelerating.
• He avoids second-guessing the Fed and says Trump respects Fed independence but favors lower rates.
• Trump's proposed $5,000 payment could require Republican wins and reconciliation, according to Hassett.
• Hassett argues the payment need not be inflationary if paired with fiscal responsibility.
• He highlights strong US growth, jobs, real income gains, and nearly $20T of inbound investment.
• Hassett also reflects on September 11 and the uncertainty that followed the attacks.