Trump's Economic 'Miracle' May Have Already Peaked
In declaring that the U.S. economy has entered a new era of faster growth, President Donald Trump is dismissing signals from financial markets and the outlook of economists from Wall Street to the Federal Reserve.
Flanked by his top economic advisers, Trump delivered remarks on the South Lawn of the White House on Friday to celebrate a report that the economy expanded in the second quarter at the fastest pace in four years. He said the economy is on track to reach an annual growth rate of more than 3 percent.
“These numbers are very, very sustainable. This isn’t a one-time shot,” he said. “Everywhere we look we are seeing the effects of the American economic miracle.”
Investors don’t seem as impressed. The dollar fell, stocks were little changed and Treasuries gained Friday after the Commerce Department reported that gross domestic product grew 4.1 percent, slightly short of the consensus estimate. The president had built up expectations by predicting on Thursday that the data would show the economy in “terrific shape.”
Read more: https://www.bloomberg.com/news/articles/2018-07-27/trump-claims-victory-as-gdp-grows-at-fastest-pace-since-2014
