Hassett: Warsh 'Not Asking the White House for Advice' on Interest Rates
Hassett said Warsh is not seeking White House guidance as the Fed chair keeps rates steady and stresses central bank independence.
- Director Kevin Hassett stated Monday that Federal Reserve Chair Kevin Warsh is not seeking White House advice on monetary policy, emphasizing their 30-year friendship.
- Last Wednesday, the Federal Open Market Committee voted unanimously to hold interest rates steady at 3.5 percent to 3.75 percent as inflation remained elevated. Inflation hit 4.2 percent in May, above the Fed's 2 percent target.
- President Donald Trump told host Kristen Welker he does not want to influence Warsh, contrasting with his prior criticism of former Fed Chair Jerome Powell. Warsh has asserted his independence from the White House.
- During his post-meeting press conference, Warsh indicated the Fed will move away from forecasting its own actions. He was the sole FOMC official who declined to provide interest rate projections through this year.
- Eight FOMC officials project interest rates will remain steady through 2026 while inflation persists above target. Prices rose 4.2 percent year-over-year in May amid energy shocks from the war in Iran.
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Bloomberg Opinion: Kevin Warsh can’t succeed without help from the White House
Kevin Warsh faces a truly daunting task. The new chairman of the Federal Reserve must avoid provoking a president he had to charm to get the job. He needs to repair relations with the Fed’s other policymakers, many of whom…
White House economist Hassett stresses Warsh’s independence at Fed: ‘Not asking for advice’
White House National Economic Council Director Kevin Hassett on Monday pushed back against fears that Federal Reserve Chair Kevin Warsh would seek direction from President Trump on setting interest rates.
Hassett: Warsh 'not asking the White House for advice' on interest rates
National Economic Council (NEC) Director Kevin Hassett said Monday that Federal Reserve Chair Kevin Warsh is not soliciting advice from the White House on monetary policy. “We’re very close friends,” Hassett said on CNBC’s “Squawk Box,” referring to Warsh. “We’ve known each other for 30 years. … We definitely talk,” he told host Joe Kernen....
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