"The people associated with this paper should presumably be disciplined, because what they've done is they've put out a conclusion which has created a lot of news that's highly partisan based on analysis that wouldn't be accepted in a first-semester econ class, said Hassett. He took issue with the study for focusing, he claimed, only on changes in prices while ignoring fluctuations in the quantity of imports."
"Hassett's desire to discipline non-partisan Fed officials echoes his administration, which has sought to remove or bring criminal charges against multiple members of the independent agency. President Donald Trump's administration began a criminal investigation into Federal Reserve chair Jerome Powell, after months of attacking Powell for refusing implement Trump's preferred interest rates. In October of last year, the Supreme Court stopped President Trump from firing Federal Reserve governor Lisa Cook, pausing her removal until the court can hear the case, which remains ongoing."
Kevin Hassett, director of the National Economic Council, called a New York Fed analysis an embarrassment and urged disciplinary action against the officials who produced it. He labeled the work the worst he had seen in Federal Reserve history and accused its creators of producing highly partisan news from flawed analysis. Hassett criticized the focus on price changes while allegedly ignoring import quantity fluctuations, even though the analysis calculated tariff revenue divided by import value. The exchange reflects broader administration tensions with the Federal Reserve, including criminal inquiries into leadership and a Supreme Court pause on a governor's firing.
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