(NBC News) President Trump is shrugging off concerns of a possible recession.
“I don’t think we’re having a recession. We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut, and they’re loaded up with money,” President Trump told reporters Sunday.
Fear of a recession spiked last week when a so-called “inverted yield curve” took place on Wednesday. That curve meant the benchmark 10-year Treasury note broke below the 2-year rate, a rare occurrence that has reliably predicted past economic recessions. The “inverted yield curve” coincided with an 800-point drop in the stock market, though markets experienced a slight recovery later in the week.
White House officials are insisting that the economy will remain strong through the 2020 election.
“They are spending at a rapid pace. They’re actually saving, also, while they’re spending,” National Economic Council Director Larry Kudlow said on “Meet The Press.”
While the White House is hard selling a booming economy, many aren’t buying.
The trade war with China is amping up fears of a worldwide economic downturn, and a new survey finds a majority of economists expect the president’s policies will lead to recession.
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