The next is the transcript of the interview with Kevin Hassett, director of the White Home Nationwide Financial Council, that aired on “Face the Nation with Margaret Brennan” on Might 24, 2026.
NANCY CORDES: Welcome again to Face the Nation. We flip now to the Director of the Nationwide Financial Council, Kevin Hassett, who joins us from the White Home North Garden. Kevin, thanks a lot for being with me.
KEVIN HASSETT, DIRECTOR NATIONAL ECONOMIC COUNCIL: Nice to be right here. Thanks.
NANCY CORDES: I wish to begin by getting your tackle the state of the economic system, as a result of a form of complicated image emerged this week. The Dow Jones hit an all-time excessive, and but shopper sentiment hit an all-time low. Mortgage charges hit a 9 month peak, inflation is up, earnings at huge field shops like Walmart are up, partly as a result of individuals from throughout the revenue spectrum are being drawn to low costs proper now. Are there storm clouds gathering within the economic system?
: No, I do not suppose there are storm clouds gathering in any respect. And, the truth is, let’s begin with the patron sentiment quantity, as a result of that was a quantity that was very hanging to me and to you. I do know when it got here in very, very low, and what we did is we went to their web site and we regarded that they really break it out by political affiliation, so that they have it for Democrats, independents, and Republicans. And in the event you have a look at it, shopper sentiment on the type of peak of the Biden inflation, the stagflation was means above 100 and it is dropped all the best way down into the low 30s now, in regards to the lowest it is ever been for Democrats, however for Republicans it is held about regular, and in the event you have a look at it, independents and Democrats are actually extremely correlated, which suggests to us that their pattern is Democrats, and so in the event you go to shopper confidence, which is one thing that is truly, I feel, a extra scientific survey, the patron confidence is in step with all the opposite optimistic numbers we’re seeing proper now.
NANCY CORDES: However you do not dispute that the warfare has taken a toll on components of the economic system
: Proper now, shopper confidence is the very best it has been for the reason that starting of the 12 months, and so you do not see a toll of the warfare on shopper confidence, which is the Convention Board survey, however once more, GDP now, the Atlanta Fed’s estimate of second quarter GDP is north of 4%. We have preliminary claims for unemployment insurance coverage as little as they have been for the reason that 60s, and so there’s a lot happening that’s actually, I feel, stunning those that suppose that the disruption from the Center East goes to hurt the economic system. It is simply not there within the knowledge, aside from the patron sentiment knowledge, however I truly suppose that we should always cease calling it shopper sentiment and begin calling it political sentiment, as a result of the variables actually are- it is actually a political variable and never an financial variable.
NANCY CORDES: The information on fuel costs is fairly simple. Memorial Day weekend fuel costs are at a 4 12 months excessive. AAA says they will stay elevated all through the summer time, at the very least. Final month, you stated that top fuel costs can be a short lived phenomenon. Did the White Home paint too rosy an image of the impression that this warfare would have by emphasizing that this was going to be a 4 to 6 week tour.
: Effectively, I feel the 4 to 6 week was an correct description of like when the type of lively kinetic occasions have been going to occur. Proper now, I am going to let the president resolve on whether or not he thinks the deal is able to go this week or not. However the backside line is, as soon as the straits are open, then the tankers are going to return and they will refill the refineries virtually immediately. A tanker goes about 300 nautical miles a day, and so the locations like India and Pakistan, that are near the straits, are going to get their oil after which flip it into refined product immediately. Singapore, which is among the locations the place jet gasoline costs are the very best, goes to get its stuff nearly immediately, however in the event you’re down in New Zealand, it’s going to take somewhat bit longer, however actually, like between a month and two months, we anticipate everyone to have all of the oil they want at each refinery on earth.
NANCY CORDES: Effectively, we all know that issues will get higher as soon as the strait reopens. The query is, when will it reopen.
: Proper. Effectively, that is one thing for the President and Marco Rubio and the Iranians to work out.
NANCY CORDES: I understand that as Director of the White Home Financial Council, this $1.8 billion anti-weaponization fund shouldn’t be a part of your portfolio, however the backlash to that fund did derail a invoice this week that included funding for ICE and the CBP, and authorities funding is a part of your portfolio, so what’s the administration doing, if something, to attempt to cool members of the president’s personal occasion down on this situation? They appeared actually offended and actually blindsided.
: Effectively, I do not know if throughout the board they have been, however there is definitely some individuals who felt that means. And our head of leg affairs, James Braid, is an actual skilled. He is been speaking to everyone, he is been arranging for telephone calls with these of us on the White Home that wish to discuss to individuals and listen to individuals’s issues, however the backside line is that you realize we anticipate the progress that the President desires to see in Congress to occur. Congress has delivered time and again underneath the management of Mike Johnson, and so I perceive that, you realize, there’s one thing that was somewhat bit completely different this week than possibly you anticipated, however I do not anticipate that to go on. And one factor we have seen from primaries is that individuals that buck the president usually remorse it politically.
NANCY CORDES: The Wall Avenue Journal editorial board actually took a swipe on the president over that fund, over the ballroom on Saturday. They stated, quote, Republicans do not wish to say this publicly, however privately they do. President Trump’s private political obsessions are hurting his presidency, hurting the probabilities for additional international coverage good points, and placing management of the Home and Senate in jeopardy. Does the President understand that he’s placing Republicans in a tricky spot by forcing them to take votes on issues which might be unpopular, just like the fund, just like the ballroom, just like the warfare in a midterm election 12 months.
: Look, I respect the Wall Avenue Journal very a lot. I noticed Paul Gigot on the Kevin Ward signing in simply on Friday, however the backside line is the president believes that the ballroom is one thing that ought to have been there for a very long time, and he is utilizing his personal cash and the cash of donors to make it in order that the taxpayers do not need to pay for that ballroom, and so far as weaponization, I do not suppose that you just or I’d disagree–
NANCY CORDES: Effectively, they must pay a billion {dollars}, appropriate?
: No, it is not for the ballroom, that is for securing the whole White Home. And, my goodness, to argue about that after we have been all right here yesterday, I truly wasn’t right here, I used to be at my house, a pair blocks away when the taking pictures occurred. In fact, we have to make the White Home safer, however on the $1.8 billion fund for weaponization, I do not suppose you’ll disagree, proper? The earlier administration and the Obama administration weaponized authorities towards President Trump, and what he desires to do is ensure that by no means occurs once more and compensate the individuals who have been the targets of the destruction of their lives, what they might do is they might name individuals in to Jack Smith’s workplace, after which bury them in subpoena requests and bankrupt them, and that is one thing that ought to by no means occur once more, by no means. And I feel that I- I doubt that there is anybody that disagrees with that.
NANCY CORDES: Kevin Hassett, the Director of the Nationwide Financial Council, admire your time this morning.
: Thanks. Similar right here.
NANCY CORDES: And we’ll be proper again.
