Pres Trump is saying that "Too Late"
- Powell will probably not cut rates today.
- Keeping interest rates high is hurting people.
On other topics from Trump:
- Negotiating with India now.
- We'll see what happens with India. We will know at the end of the week.
- Negotiating with Harvard now: they would like to settle, see what happens.
- Moving along well with China;, it will work out well.
- Going to have a really clear deal with China.
In other news
- Trump formally signs the 50% copper tariff
- Imposes additional 40% tariff on Brazil bringing total tariff to 50% Trump is suspending. He is declaring a economic emergency.
- Suspends the de minimus exemption for commercial shipments (low cost goods exported to the US). The exemption suspended effective August 29.
The comments from Trump comes after NEC Director Hassett a few minutes ago said:
- Data is consistent with the Fed cutting rates
- Many economists think the Fed has been to slow
Although it has been a battle between Trump and Powell, with 3% GDP growth today and the unemployment rate at 4.1% and the stock market making highs and the threat that tariffs could push the inflation rate to and through 3%, even the President has to stand- down -for now at least.
The market is focused on the future course of the Fed. That may show, Powell and the Fed standing-down.
