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Tuesday, President Trump continued his attack on the Fed, and this time saying Chairman Powell and central bankers were “their own worst enemies” after a US manufacturing index posted the weakest monthly reading since the end of the last recession in Y 2009.
“As I predicted, Jay Powell and the Federal Reserve have allowed the dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected,” the President said on Twitter. “Fed Rate too high,” he wrote.
“They are their own worst enemies, they don’t have a clue,” President Trump said. “Pathetic.“
The Institute for Supply Management (ISM) said Tuesday that its factory index slipped to 47.8 in September, the lowest since June 2009.
The figure missed all estimates in a News survey that had called for an increase from 49.1 in August.
The ISM reading, below 50 for the 2nd straight month, is considered a leading indicator of economic downturns and comes amid a global slowdown and the US trade dispute with China.
The latest reading extends the drop from a 14-year high just over a year earlier and may add to calls for the Fed to further cut interest rates further.
Slowing global growth has damped demand for manufactured goods at home and abroad while trade policy uncertainty has disturbed supply chains and put hiring plans on hold.
President Trump has repeatedly hammered the Fed for not cutting interest rates further, arguing that monetary policy is hurting the economy.
The Fed cut interest rates last month for the 2nd time in 7 wks, by 1/4th pt, but President Trump argued still that the Fed should cut rates to Zero.
DJIA 26573.04-343.79(-1.28%), NAS Comp 7908.69-90.65 (-1.13%), S&P 500 2940.29-36.49(-1.23%), 10-yr T-Note +3/321.637
Volume: NYSE Adv 759 Dec 2015 Vol 793.0-M; NASDAQ Adv 749 Dec 2334 Vol 2.2-B
The overall technical outlook for major US stock market indexes is Neutral with a Bullish bias.
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