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Kevin Hassett, who’s being floated as Donald Trump’s top choice to replace Jerome Powell next year, gave the Federal Reserve’s recent rate cut a thumbs-up. Speaking Thursday on CNBC, he said the quarter-point reduction was a smart call, even though others inside Trump’s orbit wanted the Fed to go much further. Hassett’s comments came a day after the Federal Open Market Committee voted 11–1 to lower the key borrowing rate by 25 basis points. That single “no” vote? It came from Stephen Miran, Trump’s pick for the Fed Board and current acting head of the Council of Economic Advisers, who’s temporarily on leave. Miran pushed hard for a 50bps cut, but got steamrolled. White House wanted a bigger cut, but settled for less Despite that disagreement inside Trump’s economic team, Kevin kept things diplomatic. “The bottom line is that moving kind of slow and steady and heading towards a target, watch the data come in, that’s what prudent policy is,” he said. Miran wanted 50, yes, but Kevin said 25 had wide support and called it “a good first step in the right direction to much lower rates.” As for Trump himself? No reaction yet. He hasn’t said a word about the Fed’s decision. But it’s no secret he’s had issues with Powell. Trump has spent years dragging the Fed chair, once mocking him with the nickname “Too Late” and demanding deep, fast rate cuts. He even claimed the federal funds rate should be 300 basis points lower, which is nowhere close to what the Fed sees in its own projections released Wednesday. Even with GDP growth running above 3% this quarter, and inflation still above 2%, Kevin backed the Fed’s decision. He said the economic data didn’t scream for lower rates, but acknowledged the broader context: the U.S. housing…

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Filed under: News - @ September 18, 2025 3:29 pm