Fox News sounds off on new Trump economic data: 'Nowhere near good enough'

US President Donald Trump gestures as he speaks in the James S. Brady Press Briefing Room at the White House in Washington, DC, US, November 9, 2026. REUTERS/Aaron Schwartz

On Tuesday, a newly released batch of worse-than-forecasted data prompted a host at Fox News to declare that President Donald Trump’s economy is performing “nowhere near good enough” to prevent the Federal Reserve from taking dramatic measures in hopes of correcting the situation. What’s more, according to Big Money Show host Taylor Riggs, persistently high inflation may not only prompt the Fed to raise interest rates, but they may shoot up higher than expected, with major impacts for consumers.

Riggs was responding to the Consumer Price Index data for October that was released Tuesday morning, which revealed that “headline” inflation – the rate of inflation across all consumer sectors – remains elevated beyond expectations, climbing by 0.4 percent in October from a month earlier, higher than the 0.3 percent economists were hoping for. The report also revealed that "core" inflation – which strips out volatile food and energy prices – rose 0.3 percent, coming in ahead of the 0.2 percent economists were expecting to match September's level. Overall, the hardest hit sectors include vital expenses like food, rent, medical care, and transportation. As Riggs notes, while the speed of the inflation increase has decelerated slightly, “it is hotter than expected. Similar to the core, flat in line with where we were before, but again, hotter than expected. We were looking at maybe a deceleration here because we thought a big jump in gas prices would start to come down. And I would say that we are nowhere near good enough.”

She went on to remind that earlier in the morning, Federal Reserve Board of Governors member Christopher Waller had warned that if core came in at 0.3 percent or higher – “which is where we are” – he would want a 50 basis point hike rather than a more modest 25 basis point hike. "Inflation is too high … this means that even if, as I expect, the monthly rate of inflation improves in October, I am leaning toward supporting an increase in our policy rate of 25 basis points at the FOMC's December meeting," Waller said in a speech in London. But if the October inflation data came out higher than expected – as it has – then more dramatic action may be necessary, Waller said. "In that case, I believe a 50-basis point hike in the policy rate should be considered at the December meeting," he explained. "Hiking only 25 basis points would put our credibility at risk, a risk I am not eager to take." He also noted, “Let's just say it: September's inflation data were bad. There was no silver lining.”

While raising federal interest rates can help tame inflation, it also comes with downsides. As it climbs, so do mortgage rates in an already unaffordable housing market, and so do borrowing rates for businesses, which can restrict growth, hiring, and other investments. "One hopes inflation starts returning to normal, but that's a hope right now, not a reality," economist Justin Wolfers posted in response to the latest data.

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