The next is the transcript of the interview with White Home Nationwide Financial Council Director Kevin Hassett tthat aired on “Face the Nation with Margaret Brennan” on Dec. 14, 2025.
MARGARET BRENNAN: Welcome again to “Face the Nation.” We’re joined now by the Director of the Nationwide Financial Council, Kevin Hassett. Good to have you ever again.
KEVIN HASSETT, DIRECTOR NATIONAL ECONOMIC COUNCIL: It’s nice to be again.
MARGARET BRENNAN: So individuals are vacation procuring. They’re conscious of costs. The president mentioned this week costs are coming down tremendously. The newest information, although, from the Client Value Index is up 3% yr over yr, private consumption index is up 2.8% yr over yr. What information is he taking a look at? What’s your benchmark?
: Proper. Properly, one of many issues that should you noticed his presentation in Pennsylvania, as he put up a bunch of charts, which he likes to do, the place he went by way of the person objects that we’ve already kind of made a bunch of progress on. And so, for instance, below Joe Biden, prescribed drugs had been up 9%. Up to now this yr, they’re down six tenths of a p.c. Gasoline is method down. It was like the very best ever below Biden–
MARGARET BRENNAN: –Eggs, he was speaking about eggs, yeah.
: Yeah, he was speaking about eggs. And so I feel the way in which to consider inflation, in fact, is that there are like micro results, just like the time that we had the avian flu affecting drug costs. After which macro results, which is runaway spending, huge deficits after which an accommodative Fed coverage. And I feel–
MARGARET BRENNAN: –However now tariffs including to some value will increase in accordance with the Fed chair.
: Properly, I- you realize, I feel that the tariff proof is blended. However the level is that we’ve bought deficit going method, method down. So proper now, it’s wanting just like the deficit for this yr will probably be $600 billion decrease than it was final yr. That basically helps decrease inflation. We’ve bought the commerce deficit minimize in half from final yr. And so all of these items are issues that ought to proceed to maneuver us in direction of the Fed goal of two%.
MARGARET BRENNAN: Corporations aren’t essentially going to deliver objects down, although, by way of pricing, proper? I imply, the- the president instructed the Wall Road Journal he didn’t know when all of this cash, quote, “is going to kick in.” I feel he was speaking to enterprise funding and tariffs, and assist voters, “all I can do is do my job.” When do you anticipate voters will really feel this optimistic impression?
: Proper. Properly, it’s positively the case that, and also you guys have been lined quite a bit, that client sentiment proper now could be decrease than anybody would really like. However, you realize, we discover that that fairly often occurs throughout a authorities shutdown when all people’s actually upset–
MARGARET BRENNAN: Properly, the final administration referred to as that the “vibecession,” proper?
: No, however–
MARGARET BRENNAN: –the info is nice, however individuals really feel unhealthy.
: –Yeah, however what’s going to occur is–
MARGARET BRENNAN: –Identical factor, you’re saying.
: No what’s- I’m not saying that. What- what I’m saying is that individuals are going to see the excessive progress. Development is 4%. Earnings progress is up about $1,200 this yr. Individuals have a look at their wallets and see they’re doing higher, which is why we had the most important Black Friday ever and so forth and so–
MARGARET BRENNAN: However that’s extra greater revenue se–
: –The sentiment will meet up with the fact. Below Joe Biden, the actual fact is that actual buying energy dropped by about $3,000. Up to now this yr, it’s up by about $1,200 per household. And the cash that we’re speaking about is like actual cash. So for groceries, it went from $400 a month to $525 a month below Biden. In order that’s like an additional greater than $1,000 a yr. You need to spend on groceries. It’s down this yr for us, for the grocery package deal, nevertheless it’s nonetheless bought a variety of room to grow- to go.
MARGARET BRENNAN: Much more to go–
: Yeah.
MARGARET BRENNAN: And the president decreased some tariffs on a few of these grocery objects–
: –On the meals stuff–
MARGARET BRENNAN: –with an eye fixed in direction of that.
: Yeah, if we don’t make it right here, then just about we don’t tariff it.
MARGARET BRENNAN: Let me ask you, you talked about gasoline. Oil costs globally are comparatively low. We noticed this Coast Guard interdiction with army forces boarding and seizing this vessel off the coast of Venezuela. Do you’re feeling you might have the leeway there, pricing-wise, to conduct extra seizures or perhaps a blockade of oil from Venezuela, with out it hurting?
: Properly, I’m not a international coverage man, so what we do with Venezuela and whether or not we blockade is as much as the president and Marco Rubio. However I might say that–
MARGARET BRENNAN: –However you’ve bought the leeway, proper–
: –that- that what’s been happening is there’s been type of a black marketplace for oil amongst kind of this sanctioned nations. And what we’re doing is we’re shutting that black market down. Whether or not that impacts costs outdoors of the sanctioned nations is type of an open query. In all probability not.
MARGARET BRENNAN: You don’t assume it’ll?
: No, as a result of they’re already type of on the ropes, these nations. They’re solely getting oil once they get like kind of black fleets to sneak in and provides them the oil. And that’s what we’re attempting to decelerate.
MARGARET BRENNAN: Okay, I need to ask you concerning the Fed choice. The Federal Open Market Committee mentioned job features have slowed this yr. We additionally noticed the survey from the Enterprise Roundtable. I’m certain you noticed it. They requested CEOs what they count on to occur, they usually anticipate employment will lower in 2026 fairly than improve. Are you involved a few hiring slowdown?
: The identical Fed mentioned that they had been extra bullish on progress for subsequent yr, proper? And so I feel that we’re at a sure–
MARGARET BRENNAN: However on the roles image.
: However on the roles image, you realize, we’re going to get the info subsequent week. And so perhaps subsequent Sunday I’ll come again and we’ll speak about it, as a result of we’ve bought two months of information popping out on Tuesday. And we’ll get a clearer image as a result of proper now we simply have some very troublesome to pin down surveys just like the gold commonplace for this will probably be actually the family survey, which we don’t even get for October.
MARGARET BRENNAN: However these are CEOs. They’re the individuals who can be doing the hiring, proper? They usually’re saying, we’re not doing it.
: However, however they don’t have the broad perspective that we’ll get once we get the massive information launched subsequent week.
MARGARET BRENNAN: And also you belief that huge information?
: I belief the family survey, particularly. And sadly, we gained’t have one for October. However we’re going to get one for November. And that’s going to be actually vital for desirous about the place the job market is.
MARGARET BRENNAN: Employment is without doubt one of the issues that the Fed watches carefully. And we heard once more from the president that you simply had been on this quick listing to be doubtlessly the following Fed chair, though he was conducting interviews this week. He mentioned you and Hoover’s Kevin Warsh are on the high of the listing. On Friday, the president was requested how huge of a job he desires to personally play in future Fed rate of interest choices. Take a pay attention.
[SOUND ON TAPE BEGINS]
PRESIDENT DONALD TRUMP: I feel I actually ought to have a job in speaking to whoever the pinnacle of the Fed is, or the Fed. I don’t think- you realize the previous days that used to occur. These days, it’s kind of, they assume it shouldn’t occur. However I’ve carried out nice. I’ve made some huge cash, I’m very profitable. I feel my voice ought to be heard.
[SOUND ON TAPE ENDS]
MARGARET BRENNAN: As Fed chair, how ceaselessly would you seek the advice of with the president when he says he desires his voice heard?
: Properly, I’m proper now the highest financial advisor for the president, and I speak about virtually every thing with him virtually each day. I’ve actually talked about financial coverage. I feel he has very robust and well-founded views about what we should do. However in the long run, the job of the Fed is to be impartial and to work with the group of individuals which are on the Board of Governors, on the FOMC, to drive a gaggle consensus on the place rates of interest ought to be and to take action, you realize, mainly with the steering of the Fed chair. However in the long run, it’s a committee that votes. And I’d be blissful to speak to the president each day, you realize, till each of us are lifeless as a result of it’s a lot enjoyable to speak–
MARGARET BRENNAN: Even should you had been Fed Chair.
: Even when I had been Fed Chair or if I wasn’t Fed Chair. You already know what, I might hope that Kevin Warsh can be speaking to the president as properly if he had been Fed Chair.
MARGARET BRENNAN: And voice ought to be heard goes to be–
: You already know, each Fed Chair talks to plenty and many market consultants–
MARGARET BRENNAN: –Equal to the opposite members- of the voting members or?
: Excuse me?
MARGARET BRENNAN: Would the president’s voice have equal weighting to the voting members?
: No, no, he would don’t have any weight. It’s simply his opinion issues if it’s good, you realize, if it’s primarily based on information. After which should you go to the committee and also you say, properly, the president made this argument and that’s a extremely sound argument, I feel, what do you assume? In the event that they reject it, then they’ll vote differently.
MARGARET BRENNAN: Understood. Properly, we’ll be watching to see what occurs. Kevin Hassett.
: Nice to be right here.
MARGARET BRENNAN: Thanks as all the time. We’ll be proper again.
Face The Nation TranscriptsMore
Transcript: Sen. Mark Warner on “Face the Nation with Margaret Brennan,” Dec. 14, 2025
Transcript: Sen. Invoice Cassidy on “Face the Nation with Margaret Brennan,” Dec. 14, 2025
Transcript: María Corina Machado on “Face the Nation with Margaret Brennan,” Dec. 14, 2025
Full transcript of “Face the Nation with Margaret Brennan,” Dec. 7, 2025
Transcript: Treasury Secretary Scott Bessent on “Face the Nation with Margaret Brennan,” Dec. 7, 2025
