Trump scores inflation win

Transcript

00:00Trump scores inflation win.

00:03President Donald Trump scored a win on inflation metrics closely monitored by the Federal Reserve.

00:08As the Commerce Department reported the core personal consumption expenditures,

00:12price index rose 2.8% year-over-year in September, down from 2.9% in August.

00:19The Federal Reserve's rate-setting committee meets with markets expecting another 25-basis-point cut,

00:24lowering the target range to 3.25% to 3.50%.

00:29Chris Zaccarelli said the numbers show that inflation is stable and give the Fed room to cut,

00:35but warned of dissent about sticky inflation not nearing 2% soon.

00:40The dilemma.

00:41Inflation is above target, even as weak hiring, modest growth, and slowing wage gains suggest pressures may ease,

00:48and Jerome Powell will face scrutiny on framing the 2026 outlook and the pace of future cuts.

00:54Chuck Schumer said voter frustration over prices remains high,

00:57arguing that stable monthly inflation has not delivered meaningful relief for household budgets.

01:03On MSNBC, he accused the president of residing in

01:06such a bubble that he doesn't even know what average people go through.

01:10He later said Trump has failed to deliver on the number one thing the American people care about,

01:15citing prices basically maintained since January.

01:19Overall inflation above 20% in his first term and a survey showing 57% say he fell short,

01:26contrasted with Trump's dismissal of affordability as a Democrat scam.

01:31Kevin Hassett, director of the White House's National Economic Council and Trump's likely choice to replace Powell,

01:36told Fox Business he would be disappointed by 3% GDP growth and said it could reach 4%.

01:43He argued supply-side expansion would lower prices without fueling inflation

01:47and said the administration is mopping up the problems left behind by the Biden administration,

01:53while noting progress on wages.

01:55We understand why people are still frustrated, he added,

01:59warning, it will take more time to get the hole that Biden dug to be completely filled.