Donald Trump just opened his mouth and the stock market went off a cliff
Fed Chair Jay Powell spoke publicly today and said all the right things about the economy – just not the things that Donald Trump wanted to hear. Sure enough, Trump went on an immediate Twitter bender for the ages, and the stock market promptly took a dump accordingly.
Jay Powell spoke today of trying to keep the economy on track, while shutting down Donald Trump’s idea of recklessly slashing interest rates – which would cause an artificial temporary economic boost but would likely worsen the inevitable recession. Powell also blamed the ongoing trade war for the downward economic turn, thus tacitly blaming Trump for it.
That’s when Donald Trump erupted, posting this bizarre tweet: “My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?” Trump then later deleted the tweet, fixing the spelling in Jay Powell’s name. It’s kind of odd that Trump has apparently forgotten how to spell Powell’s name, considering he handpicked Powell to be Fed Chair not too long ago.
Donald Trump also announced that “American companies are hereby ordered to immediately start looking for an alternative to China.” It’s surreal that Trump now thinks he can randomly give this kind of imaginary order. Perhaps this is what Trump was referring to when he called himself the “chosen one” this week. In any case, the Dow Jones Industrial Average – which had been up slightly for the day at the time – promptly plummeted by around four hundred points in the span of half an hour. Investors clearly aren’t impressed with any of this nonsense.
