[Hassett: Oil Prices Will Plummet Once a US-Iran Agreement is Reached, Creating Room for Fed Rate Cuts] Jin10 News, May 25 – Kevin Hassett, chief economic advisor to U.S. President Trump, stated that he believes the eventual drop in oil prices will create room for the Federal Reserve to cut interest rates. 'We once again anticipate that energy prices will plummet once an agreement is reached,' Hassett said. 'When that happens, the Fed will have ample room to take the right action and lower interest rates.' He emphasized his respect for the Fed's independence and praised Kevin Warsh, who was sworn in as Fed Chair last Friday. Although the surge in U.S. fuel prices caused by Iran's closure of the Strait of Hormuz poses an increasing political risk for Trump and his Republican Party in the November midterm elections, Hassett believes that the accelerated inflation is primarily driven by energy prices. 'If you look at the recent data reports, energy prices are absolutely concerning, but core prices have barely moved,' he said. 'I think once we see energy prices fall, you might actually see deflation due to the drop in energy prices.'