President Trump continues to insist the economy is strong even as he acknowledges he's looking at tax cuts to give it a boost.
As Wall Street seeks to recovers from several days of sell offs, President Trump dismissed talk of a recession.
“So the economy is doing very ,very well. We will see what happens with the fed,” he says before heading to Kentucky on Wednesday.
Earlier in the day on Twitter, he blamed the media for doing everything possible to "create" a U.S. recession, even though the numbers and facts are working totally in the opposite direction.
The President sees the economy as the strongest selling point for his re-election, but there are signs the trade war with China may be taking a toll.
President Trump insisted he's doing "great with China" and called out the Federal Reserve Chairman. "Jay Powell and the fed have missed the call. He raised interest rates too fast too furious."
If the economy continues to weaken, Democrats vying to win the White House could use it against the president on the campaign trail.
Trump inherited growing economy from Obama/Biden Administration just like he inherited in his life,” says Democratic presidential candidate and former Vice President Joe Biden.
The global economy and trade will be a high priority when Trump meets with world leaders at the G7 Summit in France this weekend.
Unemployment remains at 3.7%.
Meanwhile, Federal Reserve officials were widely divided at their meeting last month when they decided to cut rates for the first time in a decade, with some arguing for a bigger rate cut while others insisted the Fed should not cut rates at all.
The minutes of the July 30-31 discussions showed two officials believed the Fed should cut its benchmark policy rate by a half-percentage point, double the quarter-point reduction the central bank eventually agreed upon. On the other end, some Fed officials argued for no rate cut at all, believing that the economy was beginning to improve after a soft patch in the spring.
The minutes did not indicate any consensus on whether future cuts would be needed.
Pres. Trump downplayed fears of a recession Tuesday while announcing his administration will consider a payroll tax cut in hopes of stimulating the economy to avoid one; a day prior, WH aides denied it was under consideration.
— CBS Evening News (@CBSEveningNews) August 20, 2019
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(The Associated Press contributed to this report.)
