Economic Adviser Lauds Fed's Slow and Steady Approach

White House economic adviser Kevin Hassett praised the Federal Reserve's quarter-point interest rate cut, describing it as a prudent and necessary first step. Despite some administration members wanting a larger cut, Hassett emphasized the importance of a cautious approach that aligns with economic data.

White House economic adviser Kevin Hassett has expressed approval of the Federal Reserve's move to cut interest rates by a quarter of a percentage point. Calling it a 'good first step,' Hassett endorsed the Fed's cautious approach as prudent policy.

In a CNBC interview, Hassett highlighted the significance of moving slowly and steadily toward economic targets, emphasizing the importance of monitoring data before making any drastic changes.

While some in the Trump administration, including Fed Governor Steven Miran, have advocated for a deeper rate cut, Hassett noted that there is a broad consensus supporting the current quarter-point reduction.

(With inputs from agencies.)