Hassett: US Inflation Numbers Have Been Fantastic

Kevin Hassett, Director of the White House National Economic Council (NEC), spoke to CNBC about the current state of inflation in the US. According to Hassett, 'inflation numbers have been fantastic.' He emphasized that the administration is focused on minimizing the impact of oil price shocks.

Hassett mentioned that the NEC had waived the Jones Act, which has helped mitigate the effects of the oil price surge. However, he expressed concerns about the Federal Reserve's communication strategy, stating that 'all the many voices of the Fed have created a capacity of confusion.'

He noted that the Fed has been bringing in experts to review their models, which have been shown to be incorrect. Hassett also mentioned that countries adopting socialism often experience shortages, citing that 'nothing new here.' He urged policymakers to focus on economic data and avoid getting bogged down in political discussions.