Trump Economist Defies Data with 'Inflation Is Way Down' Claim

President Trump's Director of the National Economic Council, Kevin Hassett, made some surprising claims on Fox News about inflation. Despite recent rate hikes by the Federal Reserve and rising grocery prices, Hassett said that 'inflation is way down.' He pointed to three-month data showing inflation right at the Fed's target.

Hassett also shared a personal anecdote about noticing lower prices at his local grocery store. The hamburger for his barbecue was $2 less than it had been just two weeks prior. This claim comes after the Federal Reserve raised its benchmark interest-rate target by 0.25% to a range of 3.75-4%, citing concerns over inflation.

However, Hassett's assertion that inflation is down contradicts some data showing an increase in annual US inflation rates from 2.4% in February to 3.4% in August. The Fed Chair, Kevin Warsh, a Trump appointee, expressed similar concerns about inflation and cited three developments as reasons for the rate hike.