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Hassett states that if the Strait of Hormuz reopens, U.S. inflation will fall by the end of the year.
According to Fox Business, White House National Economic Council Director Kevin Hassett said that U.S. inflation will "definitely" decrease before the end of the year.
Hassett pointed out that current core inflation is only slightly above the target level.
He also added that if shipping through the Strait of Hormuz resumes, overall inflation will decline significantly.