Hassett: The Fed has ample room to cut interest rates significantly.

 next frontrunner for Federal Reserve Chairman and White House National Economic Council Director Hassett stated on Tuesday that he believes the Federal Reserve has "ample room" to cut interest rates significantly. When asked if he would push for the "large rate cuts" that Trump desires if appointed, he responded, "If the data shows we can do so — like now — I think there is definitely room to do it." When further asked whether this means a rate cut exceeding 25 basis points, he clearly answered, "That's right." On Tuesday, Trump told Politico that a quick rate cut would be the "touchstone" for his Fed Chair nominee. When asked whether his loyalty would be to Trump or to independent economic judgment if he became chairman, Hassett said, "I will stick to my own judgment, and I believe the president also trusts my judgment."