Trump points to midterms, Fed, and Democrats in flailing explanation for tanking stock market
President Trump has a brand new explanation for the stock market's recent turmoil: It's just because of the midterm elections. Oh, and probably the Democrats.
In a tweet Tuesday, Trump assured the nation that the stock market is just "taking a little pause" right now after rising "massively" since he was elected. Stocks have, in fact, been struggling recently, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all dropping between six and 10 percent in October, reports CNBC.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
In a second tweet, Trump quoted a strategist for Wells Fargo, who said that the S&P would quickly recover if "the Fed backs off and starts talking a little more Dovish." The president previously complained that the Federal Reserve had "gone crazy" when it raised interest rates and said he's "very unhappy with the Fed because Obama had zero interest rates.”
-
Where to go for the 2027 total solar eclipseThe Week Recommends Look to the skies in Egypt, Spain and Morocco
-
The end of mass-market paperbacksUnder the Radar The diminutive cheap books are phasing out of existence
-
Political cartoons for February 22Cartoons Sunday’s political cartoons include Black history month, bloodsuckers, and more
-
Labor secretary’s husband barred amid assault probeSpeed Read Shawn DeRemer, the husband of Labor Secretary Lori Chavez-DeRemer, has been accused of sexual assault
-
Trump touts pledges at 1st Board of Peace meetingSpeed Read At the inaugural meeting, the president announced nine countries have agreed to pledge a combined $7 billion for a Gaza relief package
-
NIH director Bhattacharya tapped as acting CDC headSpeed Read Jay Bhattacharya, a critic of the CDC’s Covid-19 response, will now lead the Centers for Disease Control and Prevention
-
Witkoff and Kushner tackle Ukraine, Iran in GenevaSpeed Read Steve Witkoff and Jared Kushner held negotiations aimed at securing a nuclear deal with Iran and an end to Russia’s war in Ukraine
-
Pentagon spokesperson forced out as DHS’s resignsSpeed Read Senior military adviser Col. David Butler was fired by Pete Hegseth and Homeland Security spokesperson Tricia McLaughlin is resigning
-
Judge orders Washington slavery exhibit restoredSpeed Read The Trump administration took down displays about slavery at the President’s House Site in Philadelphia
-
Hyatt chair joins growing list of Epstein files losersSpeed Read Thomas Pritzker stepped down as executive chair of the Hyatt Hotels Corporation over his ties with Jeffrey Epstein and Ghislaine Maxwell
-
Judge blocks Hegseth from punishing Kelly over videoSpeed Read Defense Secretary Pete Hegseth pushed for the senator to be demoted over a video in which he reminds military officials they should refuse illegal orders
