NEC Director Kevin Hassett: An increase in oil prices doesn't cause an increase in inflation

• Oil price increases from Middle East disruptions do not lead to increased inflation.
• High U.S. productivity is causing downward pressure on prices, with consumer prices 'finally going down'.
• There is 'still room for the Fed to cut' interest rates.

NEC Director Kevin Hassett argues that increases in oil prices due to Middle East disruptions do not cause inflation. He suggests that high U.S. productivity is creating downward pressure on prices, noting that consumer prices are 'finally going down,' and believes there is still room for the Federal Reserve to cut interest rates.