Hassett says the market's bets on a Federal Reserve rate hike are "wildly wrong"

When asked about the market's pricing of a Federal Reserve rate hike, Hassett stated: "I think that view is wildly wrong." Hassett pointed out: "What you need to focus on is the impact of oil price shocks on core inflation, and history shows that these shocks are temporary and do not lead to persistent inflation." His "advice to the Federal Reserve" is to closely monitor various data. He said: "You will see that, with significant expansion on the supply side, the economy can achieve high growth without experiencing runaway inflation." (Bloomberg Television)