It was the regional Fed office in New York that recently presented a study that concluded that American companies and consumers accounted for nearly 90 percent of last year's tariff costs.
"What they've done is draw conclusions that have created a lot of headlines that are very biased," Kevin Hassett told CNBC, calling the study "embarrassing."
Kevin Hassett was on U.S. President Donald Trump's list of possible nominees for Federal Reserve chairman. The president recently announced he is nominating Kevin Warsh instead.
