White House Advisor: Will Not Replace Fed Governor Cook, Supports Rate Cut Stance

August 10th, White House economic advisor Kevin Hassett stated that he would not take over the position if Federal Reserve Board Governor Lisa Cook is removed from her position due to related allegations.

Hassett stated that the allegations against Cook are part of a law enforcement investigation and said he "hopes Cook is innocent." Previously, Cook challenged the Trump administration's attempt to remove her from her position as a Federal Reserve Board Governor.

Regarding monetary policy, Hassett stated that if he were involved in the decision-making, he would lean towards maintaining the current interest rate level or implementing a rate cut. He believes that U.S. inflation is easing, while supply-side growth momentum remains strong, providing room for a looser policy environment.