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Home / Business / Trump pressures Fed to increase & # 39; very strong & # 39; economy amid fears of recession

Trump pressures Fed to increase & # 39; very strong & # 39; economy amid fears of recession



President Trump Donald John TrumpTrump pushes back on recent polls, saying internal numbers are & # 39; strongest we have had so far & # 39; Illinois State Legislature apologizes for photos showing ridiculous attack on Trump Scaramucci who brings together team of former cabinet members to speak out against Trump MORE on Monday urged the Federal Reserve to stimulate what he called a "very strong" economy while the White House tries to cushion increasing fears of a global recession .

In a couple of Monday tweets Trump renewed his call to the Fed and its chairman, Jerome Powell, to cut interest rates. At the same time, the president pointed out the strength of the US economy while gossiping the central bank not to fix it.

Trump also accused Democrats of trying to tank the economy to damage his chances ahead of the 2020 election, but did not explain how they did it.

Trump has based the Fed consistently since the bank raised its interest rates four times in 2018. The president has long blamed the central bank and Powell for any fall in the stock market or slow economic data reports, pushing the Fed to cut rates.

Earlier this month Trump accused the Fed of preventing US exports by holding interest rates relatively high compared to other economic powers and suggested that the central bank should weaken the dollar by lowering interest rates.

But Trump's scapegoat of the Fed has intensified over the past two weeks amid mounting signs of an imminent recession. While Trump has accused the Fed of economic turmoil, economists have attached much of the decline to the cost and anxiety of the Trump trade war with China.

Trump and White House aides have tried to curb concerns about the strength of the economy while blaming the news media and the Fed for the growing odds of a recession.

"I don't see a recession at all," said White House economic adviser Larry Kudlow Lawrence (Larry) Alan KudlowMORE on "Fox News Sunday."

"Trump's pro-growth program, which I believe has succeeded, we will continue with it."

Trump's latest attack comes days before Powell and top Fed officials convene in Jackson Hole, Wyo., For the central bank's annual summer political symposium. Powell will give a closely monitored speech Friday morning in its first public comment since the Fed cut interest rates on July 31.

Since the Fed's last meeting, Trump announced that he would impose a new 10 percent duty on 300 billion Chinese goods and ordered the Treasury Department to label China a currency manipulator after Beijing's central bank dropped the yuan to a new low against the dollar.

The return on long-term US government bonds also fell below the return on short-term US bonds on Wednesday, flying to security and frightening investors. The inversion of the yield curve, which typically predicts a recession within 12 to 18 months, propelled US stocks to the worst losses in 2019.


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