President Trump slammed the Federal Reserve during a speech at the Economic Club of New York Tuesday as he listed off economic achievements seen during his administration. He also indicated that "Phase One" of a trade deal with China is nearing.
The president's fiery comments aimed at the Fed come just a day before Chairman Jerome Powell heads to Capitol Hill to testify before the Joint Economic Committee on the state of the economy.
In his speech, the president highlighted job growth and stock market gains, although he added, "If the Fed had worked with us, those numbers could have been higher by 25 percent." Trump credited his policies of lowering taxes and cutting regulations for the healthy economy. The unemployment rate is at near-record lows while the stock market has seen record highs.
In complaining about the Fed, the president bemoaned that the U.S. is competing with other developed nations and the European Union that have not only slashed interest rates to zero but are in a market with negative interest rates.
"Remember, we are actively competing with nations who openly cut interest rates so that now, many are actually getting paid when they pay off their loan, known as negative interest," he said. "Who ever heard of such a thing?"
"Give me some of that, give me some of that money, I want some of that money. Our Federal Reserve doesn't let us do it," the president said to a room full of hundreds of hedge fund managers, traders and economists.
The president also touted the expected "Phase One" of a trade deal with China, while defending himself against critics who say his actions (or inaction) have only hurt the U.S. economy. Trump told the audience the trade war has not brought uncertainty to America's economy and dismissed the idea that the ongoing tension with China is affecting U.S. investment and business.
He offered a positive assessment of his trade policies with China, though many, including his own economic advisors, disagree with his escalations against Beijing.
There are even signs that the established tariffs may be affecting consumers. Ports along the West Coast, a bellwether for U.S. trade with Asia, are reporting a notable decrease in inbound containers, according to a report by the Wall Street Journal.
The two countries have been imposing, and at times walking back, tariffs on each other's goods since July 2018. The U.S. and China recently agreed to roll back some of the tariffs if they can strike a deal.
Trump last spoke at the Economic Club while he was on the campaign trail in September 2016 and promised to negotiate trade deals "that put America First," lower taxes, and remove regulation.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
