Hassett: The latest CPI report is surprisingly good, and the Federal Reserve has a lot of room to cut interest rates

On Thursday, Hassett, director of the White House National Economic Council, welcomed the November CPI report, saying the US economy was showing high growth and falling inflation. "I'm not saying we're going to declare victory on prices, but it's a surprisingly good CPI report," he said. Hassett said wages were rising faster than prices, US taxpayers would see big tax refunds next year and the government would help lower mortgage rates. "The Fed has a lot of room to cut interest rates," he said. Hassett, a favourite to replace Powell as the next chairperson of the Federal Reserve, also said the Fed should be more transparent in the future. "I think the Fed has to double its transparency. Whoever leads the Fed should put all their cards on the table so we can figure out what's really going on at that institution. "