Yesterday, the Dow Jones average jumped up 618 points – on news that the Federal Reserve is unlikely to raise interest rates again.
This leads to an important comparison relating to the current and previous presidencies.
-Through eight years of the Obama presidency, the Federal Reserve kept interest rates near zero, and raised them one time. Despite this, the economy stagnated.
-Through less than two years of the Trump presidency, the Federal Reserve has raised interest rates 8 times. Despite this, the economy has jumped significantly upward.
That tells you a lot about what President Trump has done for the economy under adverse circumstances….and raises question about why The Fed, under Trump Appointee Jerome Powell, raised interest rates so many times.
I’m not saying the increases were unjustified – I am no economist and don’t know. But what I do know is that – keeping in mind how President Trump has done economy-wise, despite these rate increases – when Barack Obama tries to take credit for our current economy, he is full of what a bull produces after dinner.