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Hassett calls for consquences

Hassett lashes out at Fed researchers for tariff analysis

President Trump’s top economic adviser wants researchers punished for analyzing tariffs in a way felt was insufficient.

In a Thursday interview, National Economic Council Director Kevin Hassett condemned a new paper from Federal Reserve Bank of New York economists, who found that consumers paid for 90 percent of the cost of Trump’s import taxes. 

“The paper is an embarrassment,” Hassett said during an interview with CNBC’s “Squawk Box.”

“It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve system. The people associated with this paper should presumably be disciplined,” he continued.

Hassett argued that the New York Fed’s research erred in focusing only on how much Trump’s tariffs have increased prices while ignoring their role in boosting U.S. manufacturing. 

But Hassett critics alluded to his own history of erroneous projections and analyses. 

Hassett was the co-author of a 1999 book “Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market,” which predicted the Dow Jones Industrial Average would hit 36,000 by 2004. 

The Dow, however, fell from roughly 10,300 points in September 1999 to less than 7,600 points during the nadir of the 2002 stock market crash. The index did not eclipse 36,000 points until December 2021.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

California wealth tax proposal splits Democrats ahead of midterms

California Democrats are split over a state proposal, championed by Sen. Bernie Sanders (I-Vt.), to tax the state’s richest residents ahead of the November midterm elections, potentially thwarting any party unity on the issue in the Golden State.

Maryland, Virginia Democrats press DC Water on Potomac sewage spill

Maryland and Virginia Democrats are pressing local utility DC Water over a recent wastewater spill that leaked into the Potomac River, an incident that has also sparked some political tension in the region.

Democrats celebrate release of remaining federal Gateway Tunnel funds

Democrats in New York and New Jersey touted the release of all federal funding for the Gateway tunnel project on Wednesday, after a federal judge ordered the Trump administration to lift its spending freeze earlier this month.

Join Sen. Patty Murray (D-Wash.), Rep. Ashley Hinson (R-Iowa) and top strategists on March 4 to spotlight the women driving the 119th Congress. From AI to the economy, meet the women navigating the new political map. Register here.

Opinions related to business and economic issues submitted to The Hill:

Trump’s new framework will help curb welfare fraud in the states

Financial scams are on the rise — but what’s being done about it?

You’re all caught up. See you tomorrow! 

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