NEC Director Kevin Hassett calls for more introspection at the Fed

NEC Director Kevin Hassett said he wants the Federal Reserve to show more introspection about how inflation got out of control, and he said he has not been involved in Justice Department conversations about the reported perjury allegation involving Fed Chair Jay Powell.

NEC Director Kevin Hassett spoke on CNBC about recent questions tied to Federal Reserve testimony and the Fed's handling of inflation. He said he has not been involved in conversations with the Justice Department about the reported perjury allegation concerning Fed Chair Jay Powell. Hassett expressed respect for the independence of both the Federal Reserve and the Justice Department. He said he would like to see more introspection at the Fed about how inflation rose and what plans exist to prevent a recurrence. Key points: - Hassett said he has not been involved in conversations with the Justice Department about the reported perjury allegation related to Jay Powell and emphasized respect for the Fed's and DOJ's independence. - He said the Federal Reserve should undertake more introspection on how inflation got out of control and on plans to avoid a repeat. - Hassett stated his view that the economy is booming because of President Trump’s policies and commented that the Fed has had high interest rates and that the president is frustrated by that. - He described the matter as a legal issue and said he has not been briefed on what the Justice Department is thinking, and he expects the president has not been briefed either. - Hassett noted that law enforcement and inspectors general have roles in checking for fraud and verifying that government activities are on the up and up. Summary: Hassett’s remarks underline a call for internal review at the Federal Reserve and frame the reported perjury matter as something for the Justice Department to handle. Undetermined at this time.