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 USA economy even better and would also "greatly and quickly" enhance the global economy. "We're doing pretty darn well in my judgment".
Yesterday, US Secretary of Commerce Wilbur Ross announced that the US would delay for 90 days restrictions that the Trump administration has imposed on some of Huawei's business operations.
Most economists believe the United States will tip into recession by 2021, a new survey shows, despite White House insistence the economy is sound. And since we don't have comprehensive data on economists' views, we can't declare Trump's claim about "most" of them false. He said President Trump has taught him and others that the "China story has to be changed and reformed".
Only 2 per cent of the 226 respondents now see a recession this year, compared with 10 per cent in February's survey, Nabe said. It's the first rate cut since December 2008 during the depths of the Great Recession.
Trade tensions with China and other countries have depressed manufacturing in the USA and limited business investment.
There remains a high level of concern about the global outlook and particularly the US economy after yields on 10-year US Treasury bonds slid last week below that of the two-year note, while the 30-year yield fell below two percent for the first time ever. Federal Reserve Chairman Jerome Powell stressed that the Fed was anxious about the consequences of Trump's trade war and sluggish economies overseas.
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"I don't think you can rule out the extreme pressure the Fed is under from Trump, but it is really hard to know how much of a direct knock-on effect that is having on policy". "Let's not be afraid of optimism", he said, adding that low interest rates could boost demand for houses and cars. "Survey respondents indicate that the expansion will be extended by the shift in monetary policy", said Nabe president Constance Hunter, who is chief economist at KPMG. O'Rourke spoke on NBC, and Navarro appeared on CNN's "State of the Union" and CBS' "Face the Nation".
Another Trump target is the news media.
"There is clearly no strategy for dealing with the trade war in a way that will actually lead to results for American farmers or American consumers", said Mayor Pete Buttigieg of South Bend, Indiana, a Democratic presidential candidate.
A growing share of USA business economists think a recession is unlikely before 2021. "I'm just not ready to make a deal, China would like to make a deal, I'm not ready". They're buying. I saw the Wal-Mart numbers, they were through the roof.
In another tweet, he added that the U.S. economy was "poised for big growth after trade deals are completed", and that China is "eating Tariffs".