Amid strong economic data released Thursday that pointed to robust consumer spending, President Donald Trump continues to take a bow on being right in the face of economic skeptics and Federal Reserve Chair Jerome Powell's refusal to lower interest rates.
"'Too Late:' Great numbers just out," Trump trolled in a Truth Social post Thursday amid a week of escalating attacks on the Fed chair. "LOWER THE RATE!!! DJT"
Retail sales rebounded more than expected in June, rising 0.6%. Meanwhile, initial jobless claims for the last week came in at 221,000, below the anticipated 235,000, pointing to steady job growth in July.
"The fact that consumers are still buying is a strong vote of confidence for earnings going forward," said Adam Sarhan, chief executive of 50 Park Investments.
Wall Street briefly experienced extreme volatility Wednesday after reports surfaced that President Donald Trump was considering firing Powell. Although Trump swiftly denied the reports, his ongoing criticism of the central bank and hints at possible action kept investors on edge about the Fed's independence.
Currently, traders see a 54.3% chance of cutting in September, while a July move is almost completely off the table, according to CME's FedWatch tool.
Adriana Kugler, a member of the Fed’s governing board, signaled that rate cuts are off the table for now, warning Trump-era tariffs are starting to push up consumer prices — and that tight monetary policy is crucial to keep inflation fears from taking hold.
The S&P 500 posted 13 new 52-week highs and two new lows, while the Nasdaq Composite recorded 38 new highs and 11 new lows.
Information from Reuters was used to compile this report.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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