Kevin Hassett, a top contender for Fed Chair, says a rate cut is appropriate

Kevin Hassett, Director of the White House National Economic Council (NEC) and a leading contender to be the next Federal Reserve Chair, has stated that an interest rate cut is appropriate at the current time, according to multiple media reports. He noted that U.S. interest rates are somewhat out of step with those in other parts of the world and that many, including U.S. President Donald Trump, are in favor of a rate cut. Hassett emphasized that solid economic data, such as the steady increase in private sector employment, provides sufficient room to support further rate reductions.