The road to the Fed's policy pivot to lower interest rates began in early May, with a tweet from President Trump on trade.
which he dropped, and the fact that the global economy was not rebounding as expected. Despite stimulus, China's economy continued to be weak.
Powell said trade has been an important driver of sentiment. "It's really that and global growth that are on our minds. So we're not exclusively focused on one event or piece of data," he said at the briefing. "Since then, it's grown over just a little bit over 1%, and it looks like it's slowing. That is directly related to the trade tensions and that is the primary economic affect the Fed is worried about," McCarthy said.
The Fed, and Powell in particular, have been criticized by the president for not cutting interest rates. Trump has explored demoting Powell, butand he intends to serve out the rest of his four-year term. Just before that early May weekend tweet, the S&P 500 had hit an all-time high on the previous Friday, following a report that the economy had added 263,000 jobs in April.
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