Key Takeaways
- White House National Economic Council Director Kevin Hassett expressed an optimistic outlook on the U.S. economy, stating that inflation being above target has ceased and the economy is not in a hiring recession. He also advocated for further interest rate cuts by the Federal Reserve.
- Ukraine and U.S. officials, including Ukrainian Defense Minister Rustem Umerov, held another round of talks in Miami to advance a U.S.-proposed peace plan, while separate U.S.-Russia discussions also took place. However, Russia voiced skepticism regarding a potential trilateral meeting.
- A 5.6 magnitude earthquake struck 129 km east of Bitung, Indonesia, at a depth of 54.9 km, with no tsunami warning issued. Preliminary estimates suggest it was felt by over 2.6 million people, though primarily as weak shaking.
- Hassett indicated that the Trump administration anticipates the Supreme Court will side with them on a tariff case, deeming a widespread tariff refund unlikely, and revealed President Trump's intent to propose a dividend to Congress.
- Regarding a recent oil seizure, Hassett suggested the tanker was likely operating in the black market but noted the volume of seized oil is insignificant compared to global supply.
White House National Economic Council Director Kevin Hassett offered a largely positive assessment of the U.S. economic landscape on Sunday, stating that the period of inflation being above target has concluded. Speaking on CBS News' "Face the Nation," Hassett also affirmed his belief that the economy is not experiencing a hiring recession.
On monetary policy, Hassett echoed sentiments from Chicago Fed President Austan Goolsbee, suggesting there is ample room for interest rate cuts. While acknowledging President Trump's potential views on Federal Reserve policy, Hassett, a leading contender for the next Fed chair, emphasized that the central bank's decision-making committee would maintain its independence, basing rate decisions on economic data rather than political influence.
Regarding trade policy, Hassett expressed confidence that the Supreme Court would rule in favor of the administration in a tariff case, making a widespread tariff refund improbable. He also revealed that President Trump is expected to propose a dividend to Congress, though its implementation next year will ultimately depend on congressional action. Separately, Hassett commented on a recent oil seizure, asserting his belief that the tanker involved was operating in the black market. He downplayed the significance of the seized oil, stating it represents a small fraction of the world's overall supply.
In geopolitical developments, Ukrainian and U.S. officials, including Ukrainian Defense Minister Rustem Umerov, engaged in another round of talks in Miami on Sunday. These discussions are part of ongoing efforts to refine a 20-point U.S. peace plan proposed in November, with Umerov confirming that Ukraine and the U.S. agreed on next steps and committed to continued joint work. Concurrently, U.S. and Russian special envoys, including Russia's Kirill Dmitriev and U.S. special envoy Steve Witkoff, also held separate "constructive" talks in Miami over the weekend. However, Russian foreign policy aide Yuri Ushakov expressed skepticism about a potential trilateral meeting involving the U.S., Russia, and Ukraine, stating there are currently no plans for such a gathering. Ukrainian President Volodymyr Zelenskyy, while calling the negotiations "constructive," voiced concerns that Russia's actions, including ongoing assaults and war crimes, continue to send negative signals.
Meanwhile, a 5.6 magnitude earthquake struck 129 km east of Bitung, Indonesia, on Sunday, December 21, 2025, at 12:21:46 UTC. The United States Geological Survey (USGS) reported the earthquake at a depth of 54.9 km. While described as a strong quake, particularly due to its relatively shallow depth, no tsunami warning was issued. Preliminary estimates from the USGS suggest that over 2.6 million people might have felt the tremor, though mostly as weak shaking.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.