In an interview Sunday on CBS’ Face the Nation, Hassett said Trump has “very strong and well founded views” but pointed out that the Fed is independent, with the chairman tasked with driving consensus among other policymakers on the rate-setting Federal Open Market Committee.

If the Fed holds interest rates steady as a means of protecting against inflation, it risks a deeper slowdown of the labor market. On the other hand, by lowering rates to stimulate hiring, the Fed threatens to boost spending and worsen inflation.