Washington | A frontrunner to replace Federal Reserve chairman Jerome Powell in a Trump presidency says there should be no interest rate cuts this year as the cost of living remains too high, and wants the central bank’s inflation target to stay at 2 per cent.
Kevin Hassett, who was chairman of the Council of Economic Advisers during the last Trump administration, also says one reason that Americans feel the economy is not working for them and their cost of living pressures persist is because inflation is not being measured properly.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
