Economic News Thread | Consumer Confidence declines

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White House downplays economic ‘blips’ as stock market tumbles​

The sell-off comes amid economic uncertainty and after President Donald Trump declined to rule out the possibility of a recession.


“… The growing conviction that Trump will stick by massive new tariffs regardless of the economic fallout — amplified by the president’s refusal to rule out a recession on Sunday — fueled the drop across equity markets. The Dow Jones Industrial Average closed down 890 points, or 2.1 percent, while the S&P 500 fell 2.7 percent and the Nasdaq composite index plummeted 4.0 percent.

… “There are a lot of reasons to be extremely bullish about the economy going forward. But for sure, this quarter, there are some blips in the data,” White House National Economic Council Director Kevin Hassett told CNBC on Monday. “What’s going to happen is the first quarter is going to squeak into the positive category, and then the second quarter is going to take off as everybody sees the reality of the tax cuts.”

… Worries among Americans that their household financial situations would deteriorate rose considerably in February to the highest level since November 2023, according to a Federal Reserve Bank of New York report out Monday.

“What’s happening is very straightforward: Tariffs are what is causing the sell-offs across markets, and the risk of a slower pace of growth in the U.S. economy,” said Joe Brusuelas, chief economist at tax and consulting firm RSM US.

… During Trump’s first term, his administration repeatedly backed off new tariffs when they led to a decline in the stock market. But the president has gone out of his way in recent days to suggest that will not be the case in his second term. He said Thursday that he is not looking at the stock market, and said in an interview broadcast Sunday that it will take “a little time” before Americans see a payoff from his policies. …”

 

“… Trump is indicating “at least the possibility that he’s not going to be deterred by market volatility, he’s not going to be deterred by falling stock prices, and that he might not even be deterred by an economic downturn,” said Michael Strain, director of economic policy studies at the American Enterprise Institute. “That is new for him.”

And while economic unsteadiness in the U.S. predates Trump’s second term — indeed, it played a significant role in his return to office — these latest economic pressures are largely of the president’s own making and will test his appetite for weathering short-term economic uncertainty and political backlash in the hope of long-term economic gain.

“His antics have been very painful. At least he’s acknowledging that there’s pain,” said a person close to the administration, granted anonymity to speak candidly about its decisions. “I don’t quite get it because in the first administration he judged himself every day by the stock market. He has now chosen to judge himself by something else — I don’t know what it is.” …”
 
This new Republican talking point about how the economy is going through a rough patch because of the end of Biden government largess is nutso.

No new budget has been passed. The government is continuing to spend on the same pace it was under Biden. There is absolutely no difference in government spending as of today (despite the DOGE theatrics). The only thing that is moving markets is Trump's erratic and bizarre statements.
 
Trump’s going to break his own 100-day disapproval record. It makes sense now why so many of his supporters were so eager to “scoreboard” his meager 52% approval rating one month into his term.
 
nycfan said:


Trump needs to appoint Tuberville ambassador to Uranus or something to get him to quit giving interviews.
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Tommy Tuberville: the gift that keeps on giving. I know there are a ton of people in politics who say stupid shit, but is there anyone who actually comes across as dumb as this guy? Most others are acting for their base. But I think he’s really as dumb as everything— I mean everything— he says.
 
Bobfripp said:
Trump will blame Biden even if a recession holds off until Fall 2028.
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Icky Mettle said:
Tommy Tuberville: the gift that keeps on giving. I know there are a ton of people in politics who say stupid shit, but is there anyone who actually comes across as dumb as this guy? Most others are acting for their base. But I think he’s really as dumb as everything— I mean everything— he says.
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Tuberville is the dumbest in the Senate. Boebert and Marge in the House.
 
nycfan said:
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“…Wall Street had its worst day of 2025 on Monday, with the S&P 500 index falling 2.7 percent a day after President Trump refused to rule out that his aggressive trade policies could cause a recession. The sell-off came as the Canadian province of Ontario put in place retaliatory tariffs on energy it exports to Michigan, Minnesota and New York, and as Mr. Trump’s trade war with China intensified with Beijing responding to his tariffs by imposing levies on American farm products.…”
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Worst day of 2025... So far.
 
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