Kevin Hassett Says The Economy Is In A Boom – ‘People Are Really Euphoric’
Hassett remarked that the most recent CPI report represents either a temporary de
The NEC director pointed to increased inflation data.
Hassett noted that while AI-related debt warrants observation, it is not currently a cause for alarm.
White House National Economic Council Director Kevin Hassett stated on Monday that rising wages are fueling increased consumer demand—a trend he believes the Federal Reserve must watch closely—while asserting that the U.S. economy is currently “in a boom.”
During an appearance on CNBC’s Squawk Box, Hassett said, “People are really euphoric about how well the economy is doing, and they’re spending more. And of course, that’s the kind of thing the Fed needs to pay attention to.”
” we very bullish still on the outlook for economy said hassett adding that people are euphoric about how well is doing and spending more. kind of thing fed needs to pay attention>
US GDP Growth At Almost 4%, Says Hassett
Hassett highlighted spending at resorts and hotels, as well as air travel, as key positive drivers in the inflation report. According to his assessment, robust consumer travel spending aligns with the administration’s perspective that gross domestic product (GDP) growth is nearing 4%.
His remarks followed last week’s Consumer Price Index (CPI) report, which indicated that annual inflation picked up in September. Data from the Bureau of Labor Statistics (BLS) revealed that annual inflation climbed to 3.7% from 3.4% in August, while core inflation increased to 2.6% from 2.4%.
“This is either a sort of break from the downtrend or a blip,” said Hassett, noting that while the previous three months suggested inflation was being contained, the latest figures indicate more work remains to be done.
Hassett On Economic Outlook, AI Debt
When asked if rising oil prices might derail the positive trends he identified, he replied, “the future is very bright, especially if you <a re not only talking about prices, but talking about wages."
