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Trump slams & # 39; pathetic & # 39; Fed when US production index drops to low decade



President Donald Trump hammered the Federal Reserve in a new tirade on Tuesday, blaming the central bank's policy of creating a strong currency and weakness in the industrial sector that pushed a key index to the lowest reading since the Great Recession.

<p class = "canvas atom canvas text Mb (1

.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The Institute for Supply Management reported that the industry index fell & nbsp; deeper in contraction last month and fell to its weakest since June 2009. The figure fell well below a Bloomberg consensus forecast that estimated an increase from August 49.1 reading, and & nbsp; sent the stock market rolled. "data-reactid =" 17 "> The Institute for Supply Management reported that the industry index fell sharply last month, falling to its lowest since June 2009. The figure fell well below a Bloomberg consensus forecast that esti mated an increase from August 49.1 reading, and sent the stock market wheels.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 cm) – sm" type = "text" content = "The data – where the respondents cited it the US-China trade war as the overriding factor behind depressed employment and business – triggered the president's ire, which blamed the & nbsp; Fed again for not moving fast enough & nbsp; at lower prices. saved the central bank and Fed leader Jerome Powell – and did so again on Tuesday to be "pathetic" in its response to the economic downturn. "Data-reactid =" 18 "> The data – in which respondents cited the US-China trade war as the overriding factor behind depressed employment and business – triggered the president's ire, which blamed the Fed for not moving fast enough to lower interest rates. Trump has repeatedly rescued the central bank and Fed leader Jerome Powell – and did so again on Tuesday to be "pathetic" in its response to the economic downturn.

<h2 class = "canvas-a blank canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" & # 39; Tariffed our way into recession & # 39; "data-reactid =" 21 "> & # 39; Tariff us into recession & # 39;

The move to ISM ISM data from 2013-2019.

Wall Street economists – and the ISM investigations – cite the US-China trade conflict as the closest cause of the manufacturing sector's suffering. The report stated that "global trade is still the most important problem, as demonstrated by the contraction in new export orders that began in July 2019. In general, this month's sentiment is cautious for near-term growth."

In a number of sectors, ISM participants have blamed slower rates on the after-effects of hundreds of billions of dollars in tariff and retaliation fees imposed on the world's two largest economies on each other's goods.

At the heart of the president's criticism of the Fed is his belief that the central bank should help him "win" against China, using monetary policy as a lever to offset the effect of higher tariffs and a dollar boosted by the purchase of safe harbor.

Still, market veterans like Peter Boockvar, chief of investment managers at Bleakley Advisory Group, have criticized Trump's mercantile trade policy that embraces tariffs as a negotiation strategy.

line, we have now tariffed into a production recession in the US and globally, "Boockvar said, asking what the exit strategy is without end in view of the standoff.

" Sorry to have to say this again, but using tariffs as the tool to push back against China was a really dumb idea, and history won't look good on the strategy, "he added.

In a research note to clients, Deutsche Bank's Torsten Slok wrote that the ISM reading was" severe " and warned that "there is no end to this decline, the risk of recession is real."

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt ( 0.8) em) – sm "type =" text "content =" Javier David is the editor of Yahoo Finance. Follow Javier on Twitter: @TeflonGeek "data-reactid =" 41 "> Javier David is the editor of Yahoo Finance. Follow Javier on Twitter: @TeflonGeek

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<p class =" canvas-atom canvas text Mb (1.0em) Mb (0) – -sm Mt (0.8em) – sm "type =" text "content =" & # 39; The outlook has darkened & # 39 ;: JPMorgan predicts 3 more interest rate cuts "data-reactid =" 43 "> & # 39; The outlook has darkened & JPMorgan predicts 3 more interest rate cuts

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" Trump tweets and market volatility have a & # 39; statistically significant & # 39; relationship, BofA finds "data-reactid =" 44 "> Trump tweets and market volatility have a & # 39; statistically significant & # 39; relationship, BofA finds

<p class =" canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Trump rips Feds Powell, requires companies to seek & # 39; alternatives & # 39; to China "data-reactid =" 45 "> Trump calls the Fed's Powell, requires companies to seek & # 39; alternatives & # 39; to China

<p class =" canvas-atom canvas- text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" China could empty US Treasuries – but here's why they (probably) won't "data-reactid =" 46 "> China could remove US Treasuries – but here's why they (probably) won't

<p class =" canvas-atom canvas text Mb (1.0em) Mb ( 0) – -sm Mt (0.8 cm) – sm "type =" text "content =" Read the latest financial and business news from Yahoo Finance "data-reactid =" 47 "> Read the latest financial and business news from Yahoo Finance

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Follow Yahoo Finance at Twitter Facebook Instagram Flipboard SmartNews LinkedIn ] YouTube and reddit . "data-reactid =" 48 "> Follow Yahoo Finance on Twitter Facebook Instagram Flipboard SmartNews LinkedIn YouTube 19659015] and reddit .


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