President Donald Trump has dismissed any fears that the US is heading for a recession, saying Americans are “loaded up with money.”
Trump downplayed last week’s US stock market volatility and said the US was “doing tremendously well” and he said, “I don’t see a recession” as the US is outperforming their competitors.
He said, “We’re doing tremendously well. Our consumers are tremendously rich. I did a tax cut. They’re loaded up with money.
“We’re not going to have a recession; the world is in a recession right now.
“China is doing very, very poorly. They’ve had, I just saw a report, they’ve had the worst year in 27-years because of what I’ve done.”
Trump added, “When you go in and analyse the curve [inverted yield curve], the curve always means that about two years later, maybe you’ll go, that’s a long time, two years.
“But I don’t think so. Interest rates are low. I think I can be helped out by the Fed. But the Fed doesn’t like helping me too much.”
White House Director of Trade and Manufacturing Policy Peter Navarro and National Economic Council Director Larry Kudlow both dismissed any recession fears or impending downturn.
Speaking with NBC’s Meet the Press, Kudlow said, “I tell you what, I sure don’t see a recession.
“We had some blockbuster retail sales, consumer numbers toward the back end of last week. And in fact, despite a lot of worries with the volatile stock market, most economists on Wall Street toward the end of the week had been marking up their forecast for the third and fourth quarter.”