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Trump Adviser Hassett Attacks New York Fed Tariff Study

Hechos Reportados

Datos observables compartidos por todas las narrativas

•A New York Fed research paper concluded that US consumers and businesses paid higher prices because of tariffs imposed during Donald Trump’s presidency.
•Kevin Hassett described the New York Fed tariff paper as the 'worst paper I've ever seen' in public comments on 18 February 2026.
•Hassett said the New York Fed staff who wrote the tariff study should be 'disciplined' for their work.
•Minneapolis Fed President Neel Kashkari criticized Hassett’s remarks and said they were an attack on the Federal Reserve’s independence.
•Atlanta Fed President Raphael Bostic said the Supreme Court’s ruling on tariffs raises questions for the Federal Reserve’s economic outlook.
•Donald Trump responded to a Supreme Court rebuke on tariffs by threatening new tariff measures in public comments reported on 21 February 2026.
•Financial media reported that investors are watching how the dispute over the tariff study might affect perceptions of the Fed’s research and policy communication.
•Russian business press described Hassett’s criticism as part of a broader political fight over who bears the cost of US tariffs.

Desacuerdo Central— Study quality

Según fuentes de Occidente, new york fed tariff study is solid, data-driven research.. En cambio, para Finanzas la lectura es study is a useful input for inflation and trade forecasts..

División Narrativa

Cómo diferentes bloques de información interpretan estos hechos

US political infighting

Russian outlets present the dispute as another example of deep political infighting inside US economic institutions. They say Kevin Hassett’s attack on the New York Fed shows how closely US research bodies are tied to political battles over trade. They suggest that ongoing fights over tariffs and the Fed’s role will weaken US claims to set rules for global trade.

•Russian media say Kevin Hassett’s criticism of the New York Fed report shows political pressure on US economists.
•Russian coverage says the Minneapolis Fed’s defense of the study highlights a split between the Fed and Trump advisers.
•Russian outlets claim the tariff study confirms that US trade measures hurt American businesses and citizens.
•Russian reports say the argument over tariffs exposes confusion in US economic policy.
•Russian media say these disputes undermine Washington’s moral authority when it criticizes other countries’ trade policies.

FINANCE

Market and policy concerns

Financial outlets focus on how the fight over the New York Fed paper and the Supreme Court tariff ruling could affect markets and Fed policy. They say investors are weighing the risk that political attacks on Fed research might blur the line between economic analysis and White House messaging. They expect traders to watch Fed speeches and tariff announcements closely for clues on inflation, trade flows, and interest rates.

•Financial media say the New York Fed study’s finding that tariffs raised US prices feeds into inflation forecasts.
•Financial outlets report that Raphael Bostic sees the Supreme Court tariff ruling as raising questions for the Fed’s outlook.

WEST

Defending Fed research

Western outlets say Kevin Hassett is trying to punish New York Fed economists for publishing research that contradicts Donald Trump’s claims about tariffs. They argue that Fed officials like Neel Kashkari see this as political pressure on a central bank that is meant to work independently. They expect the Fed leadership to stand by its staff and methods while the White House continues to push a tougher trade line.

•Western media say Kevin Hassett wants New York Fed staff disciplined because their tariff study shows Americans paid most of the tariff costs.
•Western reports say Neel Kashkari views Hassett’s comments as an attack on the Fed’s independence.

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Where Narratives Diverge

Key disagreements, blind spots, and what to watch next.

Study quality◇Different Reading

West

New York Fed tariff study is solid, data-driven research.

Finance

Study is a useful input for inflation and trade forecasts.

Russia

Study exposes harmful effects of US tariffs on Americans.

So what

Readers cannot easily judge whether the paper is flawed or being attacked for political reasons.

Motive for attack◇Different Reading

West

Hassett is trying to silence research that contradicts Trump.

Finance

Hassett is defending a pro-tariff message against damaging findings.

Russia

Hassett is part of a wider US power struggle over trade.

So what

It is hard to tell whether this is mainly about science, politics, or both.

Who pays tariffs⚡Disputed

West

Americans largely paid Trump tariffs through higher prices.

Finance

Tariffs raised US import costs and fed into inflation.

Russia

US tariffs backfired and mainly hurt US firms and buyers.

So what

Without agreed numbers, readers cannot know how much tariffs really cost US households.

Fed safeguards○Nobody Covers

None of the blocks explain in detail how the Federal Reserve protects its researchers from political punishment, such as internal rules, appeal channels, or backing from senior leadership.

Next Fed response▸What to Watch

If the Fed’s Board or New York Fed leaders issue a formal statement in the coming weeks either defending or revising the tariff study, it will show whether they are willing to confront political pressure or choose to soften their stance.

Qué Podría Pasar Si...

▸If Federal Reserve leaders publicly and strongly back the New York Fed economists and their tariff study Fed staff are likely to keep publishing similar research, and markets may treat the clash as political noise rather than a change in how the Fed works.

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Exposición de Mercado

AccionesS&P 500Mayor Volatilidad

If Trump’s new tariff threats lead to higher import costs for US companies, investors may reprice profit expectations for large listed firms, causing swings in the S&P 500.

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