EXCERPT:
BRENNAN: “That report came out. It showed America added 64,000 jobs with unemployment ticking up to 4.6 percent. But we've seen analysis, including from the top economist at U.S. Navy Federal saying the U.S. is in a, quote, 'hiring recession. Very few jobs being added since the spring and wage gains are slowing.' Are we in a hiring recession?”
HASSETT: “No, I don't think so. I think that basically the number was about what the market expected. It was a number that was less than 100, which is a little bit lower than you'd like. But then, after that, we got the Consumer Price Index numbers, which were really amazing. And so, if you look at the three-month moving average of core consumer prices, then they're running at an annual rate of about 1.6 percent, way below the Fed's target. And my old friend all the way back to grad school, Austan Goolsbee, who's now one of the Fed governors voting on interest rates, conceded that they should have cut rates faster, and that he's going to do so in the future because of this inflation number.”