Kevin Hassett

But we have a chart that showed that the typical family buying a new home saw their mortgage rate go up at an annual rate by $14,000 because of Biden's inflation and the high interest rates that followed from it.

And so, you know, people who have to pay $14,000 a year more just to have their home, of course, they were harmed a lot by Biden.

But already, because we've been getting closer to a balanced budget and leaving interest rates down even before we control the Fed more, that we've saved a couple thousand dollars of that $14,000 already.

The fact is that they've been way behind getting the rates down.

The economy is doing well, but because of all the supply side action that we've taken, we've got high growth with declining inflation.

And so they've got plenty of room to cut rates.

They'll do a little bit this time, but they'll probably need to do some more.

Plenty of room, which plenty is more than 25 points.

Correct.

Okay.

So the loyalty, if you're Fed chair, would be to what the president wants or to your economic independent judgment.

There's a huge amount of positive news that the president is going to be breaking this week about the economy. You know, we've got a person who actually approached the studio with me, walked with me, who's tracking the openings, the groundbreakings for the new factories that are, you know, in the trillions of dollars of announcements that the president's been making. And we're up to almost 30 of those that actually the groundbreakings have happened. And so there's a lot of positive news that's positive for people's jobs, for people's incomes and for inflation.