The Fed is cutting interest rates because of Trump's blundering actions, not his words
Share to twitterJerome Powell, chairman of the U.S. Federal Reserve, pauses during a news conference following a Federal Open Market Committee meeting in Washington, D.C., U.S., on Wednesday, July 31, 2019. The Federal Reserve reduced interest rates for the first time since the financial crisis and hinted it may cut again this year. Photocredit: Andrew Harrer/Bloomberg The Federal Reserve can fairly be said to be cutting interest rates because of Donald Trump.
The source of uncertainty was distinctly Trumpian:"In particular, sluggish U.S. business fixed investment spending and manufacturing output had lingered, suggesting that risks and uncertainties associated with weak global economic growth and in international trade were weighing on the domestic economy."
Trump's seemingly intractable head-to-head with China, the world's second largest economy, is especially concerning to Wall Street—and to members of the Fed.
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