Acting Council of Economic Advisers Chairman Pierre Yared said Friday that the latest Consumer Price Index report shows inflation has stabilized, and he credited President Donald Trump's economic policies for ending what he called the "cost of living crisis" that began under the previous administration.
"The CPI inflation rate came in below last month's rate, and this is clear evidence that the president's goal of ending the cost-of-living crisis that emerged under the previous administration is over," Yared said on Newsmax's "National Report."
The Labor Department's report, released Friday morning, showed consumer prices rose 0.3% in September, matching expectations and marking the first major economic data released since the start of the government shutdown.
Over the past 12 months, the CPI rose 3% before seasonal adjustments, signaling a continued cooling trend in inflation that has allowed markets to recover after weeks of uncertainty tied to the shutdown.
"This is all thanks to the president's policies that involve deregulation, that involve a tax bill that promotes incentives to do business, and doing business is very good," Yared said. "It brings down the cost of living for American families."
He added that Trump inherited "a fiscal mess" and that the administration's policies are "righting the fiscal ship."
"The tax revenue is increasing because the economy is doing well," he said. "When the economy is doing well, that means we have more tax revenue."
Tariff revenue is also coming in, and spending cuts have been enacted that have resulted in "seeing the overall debt as well as the overall deficit coming down relative to where it was in the past," Yared said.
On monetary policy, Yared said the Federal Reserve is operating with incomplete data due to the ongoing government shutdown.
"Listen, the CPI report shows that basically inflation is stabilizing and that inflation is something that is long gone and that the Fed should look forward to the future," he said.
Further, Yared said that moving forward, inflation will continue to stabilize down to normal levels.
The ongoing government shutdown, however, is causing the Fed to be "driving with its eyes closed" as a critical data release has been missed, he continued.
"The Fed is going to be conducting monetary policy, making its decisions next week without seeing the entire picture, and that's because the shutdown has made it impossible to see the employment data from the past month," Yared said.
Yared also pointed to falling mortgage rates as a sign of improving conditions for homebuyers.
"You know, the president is very much aware of the affordability crisis that all Americans have been experiencing for years," he said.
"Mortgage rates and the trajectory of mortgage rates look optimistic from that perspective," he added. "I also believe that at the end of the day, what we need is a greater supply of homes, and the president's deregulatory policies are going to help us to get there."
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Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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