Transcript: Kevin Hassett on "Face the Nation with Margaret Brennan," Dec. 14, 2025

The pursuing is the transcript of the interrogation with White House National Economic Council Director Kevin Hassett tthat aired connected "Face the Nation with Margaret Brennan" connected Dec. 14, 2025.

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MARGARET BRENNAN: Welcome backmost to "Face the Nation." We're joined present by the Director of the National Economic Council, Kevin Hassett. Good to person you back. 

KEVIN HASSETT, DIRECTOR NATIONAL ECONOMIC COUNCIL: It's large to beryllium back. 

MARGARET BRENNAN: So radical are vacation shopping. They're alert of prices. The president said this week prices are coming down tremendously. The latest data, though, from the Consumer Price Index is up 3% twelvemonth implicit year, idiosyncratic depletion scale is up 2.8% twelvemonth implicit year. What information is helium looking at? What's your benchmark?

: Right. Well, 1 of the things that if you saw his presumption successful Pennsylvania, arsenic helium enactment up a clump of charts, which helium loves to do, wherever helium went done the idiosyncratic items that we've already benignant of made a clump of advancement on. And so, for example, nether Joe Biden, medicine drugs were up 9%. So acold this year, they're down six tenths of a percent. Gasoline is mode down. It was similar the highest ever nether Biden--

MARGARET BRENNAN: --Eggs, helium was talking astir eggs, yeah. 

: Yeah, helium was talking astir eggs. And truthful I deliberation the mode to deliberation astir inflation, of course, is that determination are similar micro effects, similar the clip that we had the avian flu affecting cause prices. And past macro effects, which is runaway spending, large deficits and past an accommodative Fed policy. And I think--

MARGARET BRENNAN: --But present tariffs adding to immoderate terms increases according to the Fed chair.

: Well, I- you know, I deliberation that the tariff grounds is mixed. But the constituent is that we've got shortage going way, mode down. So close now, it's looking similar the shortage for this twelvemonth volition beryllium $600 cardinal little than it was past year. That truly helps little inflation. We've got the commercialized shortage chopped successful fractional from past year. And truthful each of these things are things that should proceed to determination america towards the Fed people of 2%.

MARGARET BRENNAN: Companies aren't needfully going to bring items down, though, successful presumption of pricing, right? I mean, the- the president told the Wall Street Journal helium didn't cognize erstwhile each of this money, quote, "is going to footwear in." I deliberation helium was talking to concern business and tariffs, and assistance voters, "all I tin bash is bash my job." When bash you expect voters volition consciousness this affirmative impact?

: Right. Well, it's decidedly the lawsuit that, and you guys person been covered a lot, that user sentiment close present is little than anyone would like. But, you know, we find that that precise often happens during a authorities shutdown erstwhile everybody's truly upset--

MARGARET BRENNAN: Well, the past medication called that the "vibecession," right? 

: No, but--

MARGARET BRENNAN: --the information is good, but radical consciousness bad.   

: --Yeah, but what's going to hap is--

MARGARET BRENNAN: --Same thing, you're saying.

: No what's- I'm not saying that. What- what I'm saying is that radical are going to spot the precocious growth. Growth is 4%. Income maturation is up astir $1,200 this year. People look astatine their wallets and spot they're doing better, which is wherefore we had the biggest Black Friday ever and truthful connected and so--

MARGARET BRENNAN: But that's much higher income se--

: --The sentiment volition drawback up with the reality. Under Joe Biden, the information is that existent purchasing powerfulness dropped by astir $3,000. So acold this year, it's up by astir $1,200 per family. And the wealth that we're talking astir is similar existent money. So for groceries, it went from $400 a period to $525 a period nether Biden. So that's similar an other much than $1,000 a year. You person to walk connected groceries. It's down this twelvemonth for us, for the market package, but it's inactive got a batch of country to grow- to go.

MARGARET BRENNAN: A batch much to go--

: Yeah. 

MARGARET BRENNAN: And the president reduced immoderate tariffs connected immoderate of those market items--

: --On the nutrient stuff--

MARGARET BRENNAN: --with an oculus towards that.

: Yeah, if we don't marque it here, past beauteous overmuch we don't tariff it.

MARGARET BRENNAN: Let maine inquire you, you mentioned gas. Oil prices globally are comparatively low. We saw this Coast Guard interdiction with subject forces boarding and seizing this vas disconnected the seashore of Venezuela. Do you consciousness you person the leeway there, pricing-wise, to behaviour much seizures oregon adjacent a blockade of lipid from Venezuela, without it hurting?

: Well, I'm not a overseas argumentation guy, truthful what we bash with Venezuela and whether we blockade is up to the president and Marco Rubio. But I could accidental that--

MARGARET BRENNAN: --But you've got the leeway, right--

: --that- that what's been going connected is there's been benignant of a achromatic marketplace for lipid amongst benignant of this sanctioned countries. And what we're doing is we're shutting that achromatic marketplace down. Whether that affects prices extracurricular of the sanctioned countries is benignant of an unfastened question. Probably not.

MARGARET BRENNAN: You don't deliberation it will?

: No, due to the fact that they're already benignant of connected the ropes, these countries. They're lone getting lipid erstwhile they get similar benignant of achromatic fleets to sneak successful and springiness them the oil. And that's what we're trying to dilatory down.

MARGARET BRENNAN: Okay, I privation to inquire you astir the Fed decision. The Federal Open Market Committee said occupation gains person slowed this year. We besides saw the survey from the Business Roundtable. I'm definite you saw it. They asked CEOs what they expect to happen, and they expect employment volition alteration successful 2026 alternatively than increase. Are you acrophobic astir a hiring slowdown?

: The aforesaid Fed said that they were much bullish connected maturation for adjacent year, right? And truthful I deliberation that we're astatine a certain--

MARGARET BRENNAN: But connected the jobs picture.

: But connected the jobs picture, you know, we're going to get the information adjacent week. And truthful possibly adjacent Sunday I'll travel backmost and we'll speech astir it, due to the fact that we've got 2 months of information coming retired connected Tuesday. And we'll get a clearer representation due to the fact that close present we conscionable person immoderate precise hard to pin down surveys similar the golden modular for this volition beryllium truly the household survey, which we don't adjacent get for October.

MARGARET BRENNAN: But these are CEOs. They're the radical who would beryllium doing the hiring, right? And they're saying, we're not doing it.

: But, but they don't person the wide position that we'll get erstwhile we get the large information released adjacent week.

MARGARET BRENNAN: And you spot that large data?

: I spot the household survey, especially. And sadly, we won't person 1 for October. But we're going to get 1 for November. And that's going to beryllium truly important for reasoning astir wherever the occupation marketplace is.

MARGARET BRENNAN: Employment is 1 of the things that the Fed watches closely. And we heard again from the president that you were connected this abbreviated database to beryllium perchance the adjacent Fed chair, though helium was conducting interviews this week. He said you and Hoover's Kevin Warsh are astatine the apical of the list. On Friday, the president was asked however large of a relation helium wants to personally play successful aboriginal Fed involvement complaint decisions. Take a listen. 

[SOUND ON TAPE BEGINS] 

PRESIDENT DONALD TRUMP: I deliberation I surely should person a relation successful talking to whoever the caput of the Fed is, oregon the Fed. I don't think- you cognize the aged days that utilized to happen. Nowadays, it's benignant of, they deliberation it shouldn't happen. But I've done great. I've made a batch of money, I'm precise successful. I deliberation my dependable should beryllium heard. 

[SOUND ON TAPE ENDS] 

MARGARET BRENNAN:  As Fed chair, however often would you consult with the president erstwhile helium says helium wants his dependable heard?

: Well, I'm close present the apical economical advisor for the president, and I speech astir about everything with him astir each day. I've surely talked astir monetary policy. I deliberation helium has precise beardown and well-founded views astir what we ought to do. But successful the end, the occupation of the Fed is to beryllium autarkic and to enactment with the radical of radical that are connected the Board of Governors, astatine the FOMC, to thrust a radical statement connected wherever involvement rates should beryllium and to bash so, you know, fundamentally with the guidance of the Fed chair. But successful the end, it's a committee that votes. And I'd beryllium blessed to speech to the president each day, you know, until some of america are dormant due to the fact that it's truthful overmuch amusive to talk--

MARGARET BRENNAN: Even if you were Fed Chair.

:  Even if I were Fed Chair oregon if I wasn't Fed Chair. You cognize what, I would anticipation that Kevin Warsh would beryllium talking to the president arsenic good if helium were Fed Chair.

MARGARET BRENNAN: And dependable should beryllium heard is going to be--

: You know, each Fed Chair talks to tons and tons of marketplace experts--

MARGARET BRENNAN: --Equal to the different members- of the voting members or? 

: Excuse me? 

MARGARET BRENNAN: Would the president's dependable person adjacent weighting to the voting members?

: No, no, helium would person nary weight. It's conscionable his sentiment matters if it's good, you know, if it's based connected data. And past if you spell to the committee and you say, well, the president made this statement and that's a truly dependable argument, I think, what bash you think? If they cull it, past they'll ballot successful a antithetic way.

MARGARET BRENNAN: Understood. Well, we'll beryllium watching to spot what happens. Kevin Hassett.

: Great to beryllium here.

MARGARET BRENNAN: Thanks arsenic always. We'll beryllium close back.