Council of Economic Advisers Chairman: It would be a mistake for the Fed to hike rates

• Phelan believes a Fed rate hike would be a mistake, as inflation data (CPI, PCE) has shown a downward trend over the last three months.
• He emphasizes that the Fed should focus on actual inflation data, not Wall Street's expectations or 'hall of mirrors'.
• Phelan notes that while the overall price level has risen significantly, weekly earnings are now keeping pace with inflation, improving affordability.

Christopher Phelan, Chairman of the Council of Economic Advisers, argues that it would be a mistake for the Federal Reserve to hike interest rates. He asserts that inflation data is already moving in the right direction and that the Fed should base its decisions on economic fundamentals rather than market expectations.