First thing Tuesday morning, we mused that while “it’s doubtful Donald Trump will be able to focus on anything other than the impeachment probe this week, on the off chance he gets around to looking at the dollar, he won’t be happy”.
That was at 8:30 AM ET.
Fast forward two hours and the president did, in fact, get around to looking at the greenback. He wasn’t pleased with what he saw.
Read more: Donald’s Dollar Dilemma Deepens As Aussie Plunges Amid Global Race To The Bottom
“As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected”, the president shrieked.
He was responding to ISM manufacturing, which printed the lowest in 10 years for September, sending a dire warning about the US economy at a delicate juncture for the president, whose administration is under siege amid a spiraling scandal that’s now almost guaranteed to lead to impeachment.
Although the services sector and the labor market remain buoyant, and although consumption has held up, the decade-low manufacturing read bodes ill. And Trump apparently knows it.
“Fed Rate too high”, he went on to say, in his signature caveman cadence. The RBA of course cut rates overnight, the latest indication that the global race to the bottom is in full swing.
(BofA)
Trump went on to deliver a scathing assessment of Jerome Powell and his colleagues.
“They are their own worst enemies they don’t have a clue”, the president angrily sighed. “Pathetic!”
You can trust Trump on that. After all, if there’s anyone who knows what it means to be one’s “own worst enemy”, it’s this president.
Donald must be reading the Heisenberg Report!