Donald Trump tweets that the economy & # 39; AWESOME & # 39; and asks for an interest rate cut because the government says that economic growth in the second quarter of the year was slightly lower than previously reported
- Donald Trump praised the & # 39; large & # 39; US economy because the government said the growth slowed in the second quarter compared to the first
- The president also got a shot in the Federal Reserve
- & # 39; The economy is doing BIG, with enormous upside potential! If the Fed did what it was supposed to do, we'd be a rocket!, & He tweeted
- Last week, Jay Powell, president of the Federal Reserve, said he would not raise interest rates, as Trump wants
- Trump has made the strong economy his most important re-election argument
- Economic growth in the US was 2% in the second quarter, Commerce said, compared to 3.1% in the first three months of the year.
Donald Trump on Thursday praised the & # 39; major & # 39; US economy, because the government said growth in the second quarter slowed compared to the first three months of the year.
The president also got a shot at the Federal Reserve, a government institution that he has repeatedly targeted in his pursuit of a strong economy, which again demanded a reduction in interest rates.
& # 39; The economy is doing BIG, with enormous upside potential! If the Fed did what it was supposed to do, we'd be a rocket!, & He tweeted.
Donald Trump praised the & # 39; large & # 39; US economy because the government said the growth slowed in the second quarter compared to the first
Trump has made a strong US economy the central plank in his re-election campaign. He and his advisers have repeatedly pushed back against the worries that a recession towards a recession could come as the 2020 elections approach.
While unemployment remains at a 50-year low, some other economic indicators have raised concerns – business investment has stopped and US production slowed for the first time in 10 years this month, putting jobs at risk.
Meanwhile, the US economy saw its growth slow in the second quarter of the year.
Gross domestic product was 2 percent, the Commerce department said Thursday, compared with 3.1 percent growth in the first three months of the year.
Trump's trade war with China is one of the factors affecting the US economy, despite the president's insistence.
He blamed other factors, including focusing on Federal Reserve Chairman Jay Powell for not lowering interest rates.
The Federal Reserve operates independently, but Trump repeatedly uses the power of his bully pulpit to try and influence his policies.
After Powell told a bank conference last week that the economy is in a & # 39; favorable place & # 39; and refused to give a clear signal that he would be bowing to Trump's demand for interest rate cuts, the president responded in Twitter anger, speculating that Powell was a & # 39; bigger enemy & # 39; could be & # 39; that Chinese dictator Xi Jinping.
& # 39; My only question is, who is our bigger enemy, Jay Powell or President Xi? & # 39; Trump broke through Twitter on Friday, minutes after Powell's comments.
The stock market fell more than 600 points after its attack.
In addition, in a Quinnipiac poll on Wednesday, about four in ten voters said that Trump's policies are harming the economy, the highest level since Trump became president.
Trump has criticized Jay Powell, president of the Federal Reserve, for not reducing interest rates
And nearly half of voters (49 percent) disapprove of their dealings with the economy, compared to 46 percent who approve.
That is a clear change compared to a poll last week.
In a poll by The Associated Press-NORC Center for Public Affairs Research on Friday, voters gave Trump his highest rating for dealing with the economy – approving his work there over his treatment of gun policy, immigration and health care.
But even on an economic level, Trump is somewhat under water: 46 percent approve of his driving behavior and 51 percent reject it.
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