Economists have been predicting a slow down as Trump’s tries to leverage foreign trade, pass an oversized budget and saddle Americans with a more taxes….
Most of the good feeling probably was more of President Obama’s……
Hold on folks….
The U.S. economy is slowing but remains in a healthy state, Federal Reserve Chairman Jerome H. Powell told senators Tuesday at his semi-annual testimony before Congress.
The economy is likely to grow at a “solid pace, albeit somewhat slower than in 2018,” said Powell. “While we view current economic conditions as healthy and the economic outlook as favorable, over the past few months we have seen some crosscurrents and conflicting signals.”
The Fed estimates the U.S. economy grew just shy of 3 percent last year, the fastest annual pace in more than a decade, but slower than President Trump’s goal. The Commerce Department will release the official growth statistic for 2018 on Thursday.
The Fed expects the U.S. economy will grow 2.3 percent in 2019. Powell urged Congress to address the “unsustainable” debt, inequality and low productivity growth, which he said were all factors holding back the economy’s long-run potential.
Powell, who has come under fire from Trump for raising interest rates four times last year, said in his testimony that the Fed is taking a “patient approach” to any future rate hikes because of trouble abroad in the European and Chinese economies and “ongoing government policy uncertainty,” a likely reference to Trump’s trade policies that have many business leaders and Wall Street investors on edge….
Trump has been leaning on the Fed chairman Powell to get him to help Trump’s point of a good economy comes out his mouth….