Rupert Murdoch’s flagship business newspaper took a swipe at the Trump administration in an editorial examining a clash between the White House and the Federal Reserve Bank of New York.
After economists at the New York Fed published an analysis that found American households and businesses are bearing almost 90 percent of the cost of tariffs—and not foreign countries, as President Donald Trump has insisted—the director of the National Economic Council went on CNBC to hurl insults and defend the president’s controversial tariffs.
“The paper is an embarrassment,” Kevin Hassett, 63, said of the study. He went on to call the research “the worst paper I’ve ever seen in the history of the Federal Reserve system” and suggested that the authors behind it should be “disciplined” for their findings.
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