TechFlow News — On October 18, Kevin Hassett, economic advisor to the Trump administration, said in an interview that "the Federal Reserve's decision last month to cut its main interest rate by 50 basis points instead of 25 was justified, as data showed the labor market weakening. Given the information they had at the time, beginning a significant easing cycle made good sense—it really did look like economic growth was slowing sharply." Hassett's comments contradict Trump's remarks earlier this month at the Detroit Economic Club, where he criticized the Fed's actions, saying, "The fact is, the Fed cut rates too quickly. The cut was too large, and everyone knows this is a political move intended to influence the election." Trump suggested the Fed was trying to lower borrowing costs to help his Democratic opponent, Harris. Hassett, a researcher at Stanford University's Hoover Institution, served as chairman of the Council of Economic Advisers under Trump from 2017. He has remained within Trump's inner circle and could assume a senior role—including potentially leading the Federal Reserve—if the Republican candidate defeats Harris next month. (Jinshi)
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