A top White House economic adviser said on Sunday that the US naval blockade is working and putting an enormous amount of pressure on Iran which is experiencing “hyperinflation and starting to have hunger.”&nbsp;“Their economy is on the precipice of extreme calamity,” added Director of the White House National Economic Council Kevin Hassett.&nbsp;Asked about President Donald Trump’s recent mixed messages on the state of the war with Iran and the message it’s sending the market, Hassett said “the market has been pretty consistent,” while stressing that the US’ posture is putting pressure on Iran.&nbsp;“The fact is that what the president is seeing is that the blockade is working, it’s putting an enormous amount of pressure on Iran,” Hassett said on ‘Face the Nation with Margaret Brennan’.When asked whether the US is still at war with Iran, Hassett said, “I don’t know what the definition of war is when we’re not shooting and we’re negotiating and they’re under a lot of pressure.”“There’s no reason, I think, right now, to do anything other than what we’re doing,” Hassett said.&nbsp;Also Read: <a href="https://www.wionews.com/world/china-targeting-canadians-harassing-diaspora-and-stealing-technology-says-canada-s-spy-agency-csis-1777819428317">China targeting Canadians, harassing diaspora and stealing technology, says Canada’s spy agency CSIS</a><h2>‘Iran experiencing hyperinflation, starting to have hunger’</h2>&nbsp;The top White House economic adviser said Iran’s threats to put mines in the Strait of Hormuz have prevented humanitarian aid for the Islamic Republic from getting through, claiming that its economy is “on the precipice of extreme calamity.”&nbsp;He said they are experiencing “hyperinflation” and “they’re starting to have hunger.”Meanwhile, on high gas prices being felt by Americans, Hassett said, “We are doing an all-of-the-above approach to get energy to Americans and increase energy production around the world.”“We’re doing everything we can to make the temporary increase as small as possible,” he added.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/indian-startup-s-satellite-drishti-to-provide-world-s-most-advanced-eyes-in-the-sky-1777812503041">Indian startup’s satellite ‘Drishti’ to provide world’s most advanced eyes in the sky</a><h2>Economic blockade ‘suffocating’ Iran: Treasury chief Scott Bessent</h2>&nbsp;Treasury Secretary Scott Bessent said Sunday that the United States is “suffocating” Iran’s leadership through an “economic blockade” launched alongside the US military offensive.&nbsp;“This began with the order last March from President Trump on max pressure, and three weeks ago the President gave the order to Treasury and myself to begin Economic Fury,” Bessent said in a Fox News interview.&nbsp;“We are suffocating the regime, and they are not able to pay their soldiers. This is a real economic blockade, and it is in all parts of government—all hands on deck,” Bessent said.&nbsp;The treasury department was imposing economic measures “on anyone trying to remit money into Iran to help the IRGC,” Iran’s elite military force.&nbsp;“They are a corrupt institution. They have been stealing from the Iranian people for years. They have money offshore. We have tracked that down. We will continue to track that down, and we are going to preserve those assets for the Iranian people on the other side of this conflict,” he said.

Treasury Secretary Scott Bessent said the Iranian leadership is corrupt and has been stealing from the Iranian people for years. They have money offshore. We will continue to track it, and we are going to preserve those assets for the Iranian people on the other side of this conflict.

A top White House economic adviser said on Sunday that the US naval blockade is working and putting an enormous amount of pressure on Iran which is experiencing “hyperinflation and starting to have hunger.” “Their economy is on the precipice of extreme calamity,” added Director of the White House National Economic Council Kevin Hassett. Asked about President Donald Trump’s recent mixed messages on the state of the war with Iran and the message it’s sending the market, Hassett said “the market has been pretty consistent,” while stressing that the US’ posture is putting pressure on Iran. “The fact is that what the president is seeing is that the blockade is working, it’s putting an enormous amount of pressure on Iran,” Hassett said on ‘Face the Nation with Margaret Brennan’. When asked whether the US is still at war with Iran, Hassett said, “I don’t know what the definition of war is when we’re not shooting and we’re negotiating and they’re under a lot of pressure.” “There’s no reason, I think, right now, to do anything other than what we’re doing,” Hassett said. Also Read: China targeting Canadians, harassing diaspora and stealing technology, says Canada’s spy agency CSIS ‘Iran experiencing hyperinflation, starting to have hunger’ The top White House economic adviser said Iran’s threats to put mines in the Strait of Hormuz have prevented humanitarian aid for the Islamic Republic from getting through, claiming that its economy is “on the precipice of extreme calamity.” He said they are experiencing “hyperinflation” and “they’re starting to have hunger.” Meanwhile, on high gas prices being felt by Americans, Hassett said, “We are doing an all-of-the-above approach to get energy to Americans and increase energy production around the world.” “We’re doing everything we can to make the temporary increase as small as possible,” he added. Also Read: Indian startup’s satellite ‘Drishti’ to provide world’s most advanced eyes in the sky Economic blockade ‘suffocating’ Iran: Treasury chief Scott Bessent Treasury Secretary Scott Bessent said Sunday that the United States is “suffocating” Iran’s leadership through an “economic blockade” launched alongside the US military offensive. “This began with the order last March from President Trump on max pressure, and three weeks ago the President gave the order to Treasury and myself to begin Economic Fury,” Bessent said in a Fox News interview. “We are suffocating the regime, and they are not able to pay their soldiers. This is a real economic blockade, and it is in all parts of government—all hands on deck,” Bessent said. The treasury department was imposing economic measures “on anyone trying to remit money into Iran to help the IRGC,” Iran’s elite military force. “They are a corrupt institution. They have been stealing from the Iranian people for years. They have money offshore. We have tracked that down. We will continue to track that down, and we are going to preserve those assets for the Iranian people on the other side of this conflict,” he said.

Treasury Secretary Scott Bessent said the Iranian leadership is corrupt and has been stealing from the Iranian people for years. They have money offshore. We will continue to track it, and we are going to preserve those assets for the Iranian people on the other side of this conflict.

‘Iran’s economy on the precipice of extreme calamity,’ says White House economic adviser

White House economic adviser Kevin Hassett is emerging as a leading candidate to become the next chair of the US Federal Reserve, signalling a potential shift in America’s monetary policy leadership at a critical moment for the world’s largest economy.&nbsp;According to The Wall Street Journal's report, Hassett has held at least two meetings with President Donald Trump about the Fed job in June, underscoring how seriously he is being considered as a replacement for current Chair Jerome Powell.<h2>Trump weighs options for Fed succession</h2>President Trump, known for his combative approach to central banking policy, has previously said he has three or four names in mind for the top job at the Fed. Reuters reports those contenders reportedly include former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Treasury Secretary Scott Bessent, and Hassett himself.&nbsp;This short list highlights Trump’s preference for advisers he believes will align with his economic agenda, particularly on interest rates and trade policy.<h2>Trump vs Powell: A history of clashes</h2>Trump’s consideration of new names for the Fed chair role comes after years of public tension with Jerome Powell. Reuters notes that Trump has repeatedly criticised Powell for not cutting interest rates aggressively enough to support the economy, especially during trade wars and the pandemic recovery. He has openly blamed Powell for slowing economic growth at times, describing the central banker as an obstacle to his pro-growth policies.&nbsp;While the Fed is an independent institution, Trump’s repeated attacks have tested that independence and raised questions about how politicised monetary policy could become under a second Trump term. Powell’s term is due to expire in May 2026, giving Trump, if re-elected there will be an opportunity to reshape the central bank’s leadership sooner than later.<h2>Who is Kevin Hassett?</h2>Kevin Hassett is a well-known conservative economist who previously chaired the White House Council of Economic Advisers during Trump’s first term. He has been one of Trump’s more loyal economic advisers, helping shape tax policy and frequently defending the administration’s trade stance.&nbsp;According to Reuters, his name surfacing now as a frontrunner for the Fed role underscores Trump’s desire to install an ally who shares his preference for lower interest rates and an activist approach to supporting growth.<h2>Stakes high for the Fed</h2>The Fed is navigating a delicate balance as it tries to control inflation without triggering a severe economic downturn. Under Powell, the Fed has managed a historic series of rate hikes in 2022–23 to tame runaway inflation, but it has slowed or paused increases more recently to assess the impact on growth.&nbsp;Reuters points out that whoever leads the Fed from 2026 will have to steer monetary policy through a landscape that remains uncertain, with lingering inflation risks, geopolitical tensions, and debates over financial regulation all in play.<h2>Looking ahead</h2>Trump’s openness about replacing Powell early reflects his determination to bend the central bank to his economic priorities if he secures another term. While no final decision has been announced, the WSJ's report revelations about Hassett’s meetings with Trump suggest the President is preparing to move quickly on his shortlist.&nbsp;For markets, the possibility of a Trump-aligned Fed chair signals potential shifts in interest-rate policy and broader debates over the Fed’s independence, questions that will loom large as the 2026 leadership transition approaches.

President Donald Trump is weighing loyalist Kevin Hassett to replace Fed Chair Jerome Powell, signaling a possible shift toward pro growth, low rate policies and renewed debate over the Fed political independence.

White House economic adviser Kevin Hassett is emerging as a leading candidate to become the next chair of the US Federal Reserve, signalling a potential shift in America’s monetary policy leadership at a critical moment for the world’s largest economy. According to The Wall Street Journal's report, Hassett has held at least two meetings with President Donald Trump about the Fed job in June, underscoring how seriously he is being considered as a replacement for current Chair Jerome Powell. Trump weighs options for Fed succession President Trump, known for his combative approach to central banking policy, has previously said he has three or four names in mind for the top job at the Fed. Reuters reports those contenders reportedly include former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Treasury Secretary Scott Bessent, and Hassett himself. This short list highlights Trump’s preference for advisers he believes will align with his economic agenda, particularly on interest rates and trade policy. Trump vs Powell: A history of clashes Trump’s consideration of new names for the Fed chair role comes after years of public tension with Jerome Powell. Reuters notes that Trump has repeatedly criticised Powell for not cutting interest rates aggressively enough to support the economy, especially during trade wars and the pandemic recovery. He has openly blamed Powell for slowing economic growth at times, describing the central banker as an obstacle to his pro-growth policies. While the Fed is an independent institution, Trump’s repeated attacks have tested that independence and raised questions about how politicised monetary policy could become under a second Trump term. Powell’s term is due to expire in May 2026, giving Trump, if re-elected there will be an opportunity to reshape the central bank’s leadership sooner than later. Who is Kevin Hassett? Kevin Hassett is a well-known conservative economist who previously chaired the White House Council of Economic Advisers during Trump’s first term. He has been one of Trump’s more loyal economic advisers, helping shape tax policy and frequently defending the administration’s trade stance. According to Reuters, his name surfacing now as a frontrunner for the Fed role underscores Trump’s desire to install an ally who shares his preference for lower interest rates and an activist approach to supporting growth. Stakes high for the Fed The Fed is navigating a delicate balance as it tries to control inflation without triggering a severe economic downturn. Under Powell, the Fed has managed a historic series of rate hikes in 2022–23 to tame runaway inflation, but it has slowed or paused increases more recently to assess the impact on growth. Reuters points out that whoever leads the Fed from 2026 will have to steer monetary policy through a landscape that remains uncertain, with lingering inflation risks, geopolitical tensions, and debates over financial regulation all in play. Looking ahead Trump’s openness about replacing Powell early reflects his determination to bend the central bank to his economic priorities if he secures another term. While no final decision has been announced, the WSJ's report revelations about Hassett’s meetings with Trump suggest the President is preparing to move quickly on his shortlist. For markets, the possibility of a Trump-aligned Fed chair signals potential shifts in interest-rate policy and broader debates over the Fed’s independence, questions that will loom large as the 2026 leadership transition approaches.

Kevin Hassett emerges as Trump’s top pick for Fed chair, raising questions about future rate policy and central bank independence.

Kevin Hassett seen as top contender for US Federal Reserve chair, says Report

The US economy should continue growing this year at the same pace seen in 2018, and there is only a very slim chance of recession, the chief White House economist said Tuesday.

US companies last year used the tax cuts passed at the end of 2017 to boost investment, which should translate in higher output in 2019, Kevin Hassett, chairman of the White House Council of Economic Advisers, told CNBC.

"We're sticking with our guns and we're going to say we're going to have another three per cent year," he said of expectations for growth in the world's largest economy.

That upbeat assessment contrasts with widespread expectations the US economy will cool as the bump from tax cuts and fiscal stimulus last year dissipates.

The non-partisan Congressional Budget Office last month forecast growth of 2.3 per cent this year, down from 3.1 per cent in 2018, while the International Monetary Fund expects a slightly stronger 2.5 per cent growth in 2019, slowing to 1.8 per cent next year.

As of last month, the New York Federal Reserve Bank put the odds of a recession with a year at nearly 24 per cent -- the highest since the Great Recession more than 10 years ago.

But Hassett said given the likely boost to factory output as a result of higher capital investments, the odds of a sustained decline in the economy in 2019 are very low "maybe like one per cent or two per cent or something like that."

Companies "built factories last year. They're going to flip the factories on this year and we're going to get growth from that," he said.

Capital expenditures outside the defence and aviation sectors, seen as a proxy for business investment, softened in the latter part of 2018, government data show, which occurred in tandem with a slowdown in the broader economy.

Critics of 2017's corporate tax cuts have said that rather than just boosting investment, the windfall encouraged record spending on share buybacks, transferring wealth from taxpayers to shareholders.

The US economy should continue growing this year at the same pace seen in 2018, and there is only a very slim chance of recession, the chief White House economist said Tuesday.

The US economy should continue growing this year at the same pace seen in 2018, and there is only a very slim chance of recession, the chief White House economist said Tuesday. US companies last year used the tax cuts passed at the end of 2017 to boost investment, which should translate in higher output in 2019, Kevin Hassett, chairman of the White House Council of Economic Advisers, told CNBC. "We're sticking with our guns and we're going to say we're going to have another three per cent year," he said of expectations for growth in the world's largest economy. That upbeat assessment contrasts with widespread expectations the US economy will cool as the bump from tax cuts and fiscal stimulus last year dissipates. The non-partisan Congressional Budget Office last month forecast growth of 2.3 per cent this year, down from 3.1 per cent in 2018, while the International Monetary Fund expects a slightly stronger 2.5 per cent growth in 2019, slowing to 1.8 per cent next year. As of last month, the New York Federal Reserve Bank put the odds of a recession with a year at nearly 24 per cent -- the highest since the Great Recession more than 10 years ago. But Hassett said given the likely boost to factory output as a result of higher capital investments, the odds of a sustained decline in the economy in 2019 are very low "maybe like one per cent or two per cent or something like that." Companies "built factories last year. They're going to flip the factories on this year and we're going to get growth from that," he said. Capital expenditures outside the defence and aviation sectors, seen as a proxy for business investment, softened in the latter part of 2018, government data show, which occurred in tandem with a slowdown in the broader economy. Critics of 2017's corporate tax cuts have said that rather than just boosting investment, the windfall encouraged record spending on share buybacks, transferring wealth from taxpayers to shareholders.

US economy to see another strong year, recession unlikely: White House

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‘Iran’s economy on the precipice of extreme calamity,’ says White House economic adviser

Kevin Hassett seen as top contender for US Federal Reserve chair, says Report

US economy to see another strong year, recession unlikely: White House