Stocks are slipping and fears of a slowdown are mounting as Trump ramps up his reelection efforts
Wall Street is getting seriously gloomy about the economy, with recession warnings mounting and stocks tumbling just as President Donald Trump prepares to fire up his reelection campaign machine.
“And now we have the risk of the trade war turning into a currency war,” she said. “The consumer is still pretty strong, but business investment looks really bad and if it was going to pick up again it would have by now.”Sign Up Economists, however, note that interest rates adjusted for inflation remain very low by historic standards. And few businesses report having any trouble getting credit. The central bank last month reversed course and cut rates by a quarter point, citing uncertainty from the trade war. Wall Street analysts expect at least one more rate cut this year and possibly two or three.
poster="http://v.politico.com/images/1155968404/201908/3221/1155968404_6066911064001_6066913279001-vs.jpg?pubId=1155968404"Bank of America analysts led by Michelle Meyer in a note out on Friday increased their warning of a recession by 2020. An already sour mood on Wall Street got worse last week after China allowed its currency to weaken to more than 7 yuan to the dollar in the face of Trump’s latest tariff threat. That led Treasury Secretary Steven Mnuchin, at Trump’s urging, to label China a currency manipulator for the first time in a quarter century.
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