President Trump, "US economy is doing very well, no recession in sight"

Darnell Taylor
August 20, 2019

President Donald Trump is calling on the Federal Reserve to cut interest rates by at least a full percentage-point "over a fairly short period of time", saying such a move would make the US economy even better and would also "greatly and quickly" enhance the global economy. "Let's not be afraid of optimism", he said, adding that "I sure don't see a recession".

The National Association for Business Economists (Nabe) found far fewer experts now think the next recession will start this year compared with a survey in February. Dan Mitchell, Chairman at the Center for Freedom and Prosperity joins Yahoo Finance's Akiko Fujita.

WASHINGTON (AP) - President Donald Trump is calling on the Federal Reserve to cut interest rates by at least a full percentage point "over a fairly short period of time", saying that such an action would make the US economy even better and would also "greatly and quickly" enhance the global economy.

"There's no recession on the horizon", Kudlow said on Fox, adding that there were no plans for additional fresh measures to boost the economy and that the Trump administration would stay the course on its current agenda. A strong economy is key to the Republican president's 2020 reelection prospects. Traders are saying the catalyst behind the selling pressure is an easing of concerns over a USA recession.

In two tweets, Trump kept up his pressure on the politically independent Fed and its chairman Jerome Powell, whom he chose to lead the Fed, asserting the U.S. economy was strong "despite the horrendous lack of vision by Jay Powell and the Fed". "Our consumers are rich", Trump told reporters on Sunday. Just one theme. We're doing pretty darn well, in my judgment.

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"That's up from 25% in a survey taken in February". "And although that's too big a statement, but if you look at China, China is doing very, very poorly". "I did a tax cut". He said Sunday, "I don't think we're having a recession". And since we don't have comprehensive data on economists' views, we can't declare Trump's claim about "most" of them false. "A lot of them are saying we will not have a recession, but the rest of the world is not doing well like we are doing". Markets around the world were rattled last week by the movement in the bond markets, which also knocked stock markets, the BBC reported.

Further confusing matters, the president's chief economic adviser, Larry Kudlow, has scheduled a meeting about the economy with business leaders tomorrow, indicating that there are honest fears of a downturn.

But that was before Trump announced another round of tariffs of 10 percent on the remaining $300 billion in goods not yet hit by U.S. punitive duties.

He said despite the worries about a volatile stock market, "most economists on Wall Street towards the end of the week had been marking up their forecasts for the third and fourth quarter".

The Trump administration has imposed tariffs on goods from many key United States trading partners.

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