Kevin Hassett, Director of the White House National Economic Council, said that the recently released inflation data (the June PCE price index) has made Fed Chair Warsh’s job “a little easier” and expressed optimism about the Fed’s independent policy direction. On the same day, White House trade adviser Peter Navarro called on the Federal Reserve to consider cutting interest rates if current market trends continue. Previous data showed that the U.S. PCE price index fell 0.1% month-over-month in June—the first monthly decline since 2020—while the year-over-year increase narrowed to 3.7%; the year-over-year growth rate of the core PCE index, excluding energy, also edged down slightly to 3.3%.