‘It Is What It Is’: Senior Officials Tell CNBC Trump, Navarro Only Ones Blaming Fed For Volatility
Over the past two weeks, as markets ricocheted between panic and euphoria depending on the hour and the headline, Donald Trump and Peter Navarro have been keen to push the envelope when it comes to assigning blame to Jerome Powell and the Fed.
That isn't anything new. But, the effort to cast aspersions on the central bank has taken on an extra sense of urgency in August, especially over the past couple of sessions.
The president and Navarro have repeatedly maligned the Powell Fed on television
It’s time to bring in Lou Dobbs to replace Mnuchin. He’d help Navarro shoulder the load.
So basically the 2 dumbest people in the room are leading the narrative? Putin’s destruction of the American economy is progressing very well.
They are just asking you to believe two things simultaneously:
1. Trump is a stable genius, who can outsmart any foreign or domestic adversary in negotiation. He has taken dramatic action to improve the economy, and can keep GDP growing faster than 3%. His tax cuts will pay for themselves in economic growth, even if the treasury coffers weren’t overflowing with tariffs paid by the Chinese. Hence the shrinking deficit (except according to official statistics). Trump can surmount any challenge he faces, and make the economy grow, unemployment shrink and wages rise.
2. The Fed should have cut by 50 basis points in July instead of 25. Trump doesn’t have a solution for that huge problem. So the economy will go into the toilet.
Seems plausible.
And Mitch just sits there on his thumb and does nothing.