According to BlockBeats, on October 18, Kevin Hassett, an economic adviser to the Trump administration, said in an interview, "The Fed's move to cut the main interest rate by 50 basis points instead of 25 basis points last month was reasonable because the data showed that the job market was weakening. Based on the data they had at the time, it made sense to start cutting interest rates sharply, and it did look like economic growth was slowing sharply."
Hassett's comments conflict with Trump's condemnation of the Fed's actions during a speech to the Detroit Economic Club earlier this month. "The fact is, the Fed cut rates too fast. They cut them too far, and everybody knows that this is a political maneuver they're trying to make before the election," Trump said at the time, suggesting the Fed was trying to lower borrowing costs to help his Democratic opponent, Harris.
Hassett is a fellow at Stanford University's Hoover Institution and has served as chairman of the Trump administration's Council of Economic Advisers since 2017. He has remained in Trump's circle and is expected to enter the leadership, including possibly running the Federal Reserve, if the Republican candidate defeats Harris next month. (Jin Shi)