The Donald Trump economy — on fire last year but slowing this year —is in some ways starting to look like the one he inherited from his predecessor.
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THU, JUN 20, 2019
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The Donald Trump economy — on fire last year but slowing this year — is in some ways starting to look like the one he inherited from his predecessor.
CNBC’s Jeff Cox looked at some of the similarities between the Obama and Trump economies: rock-bottom bond yields, plodding economic growth and the Federal Reserve seemingly pulling all the strings, a role that was only exacerbated in the days since the financial crisis and Great Recession, and continues to the present day, Cox reports.
Trump’s 2017 tax cut and aggressive moves toward deregulation were supposed to pull the U.S. economy out of its glacial move higher. That happened last year but many Wall Street pros and policymakers are getting worried that a slowdown (if not outright recession) is on the horizon and the Fed is being asked again to come to the rescue.
The Fed similarities came into focus this week as the 10-year Treasury note yield dropped below 2% for the first time since Trump became president. The indication that the central bank soon will be cutting rates about half a year after its most recent hike helped stocks hit an all-time high Thursday. Market participants took the overall tone from the Fed as more dovish than expected and traders are now pricing in a 100% chance of a rate cut next month, according to the CME FedWatch tool.
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