Kevin Hassett

And the history of it is that they're temporary.

They don't lead to lasting inflation that people see through it.

My advice to the Fed is watch the numbers, because what you're going to see is that with a big supply side boom, that you could have high growth without having runaway inflation.

It's not a Phillips curve event at all.

We've got high wage growth and native born Americans are rushing into the labor market in droves.

We really love going through the Bloomberg data and we have this thing that I like to look at, which is the probability distribution of all the forecasts for the jobs number before it comes out.

I saw that the very, very top person was low by about 40,000 jobs, which shows that the Trump economy is surprising Wall Street analysts.

We really love going through the Bloomberg data.

And we have this thing that I like to look at, which is the probability distribution of all the forecasts for the jobs number before it comes out.

And when I looked at it after I got these numbers, I saw that the very, very top person was low by about 40,000 jobs, which shows that the Trump economy is surprising Wall Street analysts over and over again.

And they need to maybe think about getting the supply side of their model fixed.

What you're going to see is that with a big supply side boom, that you could have high growth without having runaway inflation.

It's not a Phillips curve event at all.

And the last time this happened was the 90s when Alan Greenspan saw through that and gave us some of the best years we ever had.

And I think that we have that opportunity right now if the Fed pays close attention to the data.

Joining me now is White House National Economic Council Director Kevin Hassett.

Kevin, it's great to have you this morning.

Welcome.

When you get the straits open, then it's about 300 nautical miles per day for one of those big tankers.

And so the people in Pakistan and India that have refineries that are mostly shut down, they're going to get their oil, they'll turn the refineries up, and then refined product prices will go down globally.