Political speech, timestamped and in context

Kevin Hassett: “Core inflation is running now at 2%, which is the Fed's target.”

Featuring: Kevin Hassett, Director of the National Economic Council

JUST IN: National Economic Council Director Kevin Hassett Takes Questions About Economy, Jobs Report

Published October 4, 2026

If we look at the three month moving average of the PC data that came this week, that Core inflation is running now at 2%, which is the Fed's target. And top line inflation is at 1% because food prices and gasoline prices are dropping faster than everything else. And so we're making progress. (02:49–02:54)

STATEMENT

Asserts that core inflation is currently at the Federal Reserve's target of 2%.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

See the main statements from Kevin Hassett in this video

“We've got GDP down for the third quarter running 4 to 5%.”
Asserts that GDP growth is running at 4 to 5% for the third quarter.01:57-02:02
“Initial claims for unemployment... it's the lowest almost all the way back to World War II.”
Asserts that initial unemployment claims are at their lowest since World War II.02:04-02:09
“Inflation went up about 20% under Joe Biden and the inflation rate has gone way, way down.”
Asserts that inflation increased by 20% under Joe Biden but has since decreased significantly.02:41-02:46
“We've reduced federal employment by about 300,000 workers.”
Asserts that federal employment has been reduced by approximately 300,000 workers.05:35-05:39
“People are really, really optimistic about the future, about their future incomes because they're spending really, really at record levels.”
Asserts that consumer optimism is high, reflected in record-level spending.01:33-01:42
“Top line inflation is at 1% because food prices and gasoline prices are dropping faster than everything else.”
Asserts that top line inflation is at 1% due to falling food and gasoline prices.02:53-03:00
“We handed the economy off to President Biden, that inflation was one and a half percent.”
Asserts that inflation was at 1.5% when the economy was handed to President Biden.03:48-03:53
“Income growth is outpacing the mortgage rates and housing starts and purchases and permits are way up.”
Asserts that income growth is exceeding mortgage rates, with increases in housing starts, purchases, and permits.06:14-06:23
“Democrats who are surveyed say the economy is like the worst since the Great Depression.”
Asserts that surveyed Democrats believe the economy is the worst since the Great Depression.07:05-07:10
“I think that it's a two thirds poll of Democrats.”
Asserts that the poll in question is composed of two-thirds Democrats.07:20-07:23