WASHINGTON, D.C. (NBC News) – President Trump is shrugging off concerns of a possible recession after a roller-coaster week for the stock market.
“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,” Mr. 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. That’s something the president is hoping for, considering the economy and the effects of the ongoing trade war with China are key factors in his re-election campaign.
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