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.
So why is this happening? Experts point to rising interest rates and trade tensions with China, but Trump suggests it's just because "people want to see what happens with the Midterms." He also "strongly" recommended those who want their stocks to go down to vote for Democrats, setting himself up nicely to continue blaming his political opponents after they likely gain some power next week.
Subscribe to 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.”
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Emilia Pérez: the most hated film at the Oscars
Talking Point Why is Hollywood fêting a movie critics call a 'garish abomination'?
By Harriet Marsden, The Week UK Published
-
Palestine's newly freed political prisoners
The Explainer Terrorists, women and children have been released in the latest phase of the ceasefire prisoner swap
By Chas Newkey-Burden, The Week UK Published
-
The resurgence of the Taliban in Pakistan
Under the Radar Islamabad blames Kabul for sheltering jihadi fighters terrorising Pakistan's borderlands
By Harriet Marsden, The Week UK Published
-
White House withdraws Trump's spending freeze
Speed Read President Donald Trump's budget office has rescinded a directive that froze trillions of dollars in federal aid and sowed bipartisan chaos
By Peter Weber, The Week US Published
-
OpenAI announces ChatGPT Gov for government use
Speed Read The artificial intelligence research company has launched a new version of its chatbot tailored for the US government
By Rafi Schwartz, The Week US Published
-
Caroline Kennedy urges Senate to reject RFK Jr.
Speed Read Robert F. Kennedy Jr.'s cousin said he should not become President Donald Trump's health secretary, calling his medical views 'dangerous'
By Peter Weber, The Week US Published
-
GOP senator reneged on voting against Hegseth
Speed Read North Carolina senator Thom Tillis provided the deciding vote to confirm Pete Hegseth as defense secretary
By Peter Weber, The Week US Published
-
Trump sparks chaos with spending, aid freezes
Speed Read A sudden freeze on federal grants and loans by President Donald Trump's administration has created widespread confusion
By Rafi Schwartz, The Week US Published
-
Trump feuds with Colombia on deportee flights
Speed Read Colombia has backed off from a trade war with the U.S., reaching an agreement on accepting deported migrants following tariff threats from President Donald Trump
By Peter Weber, The Week US Published
-
Trump proposal to 'clean out' Gaza gets cool reception
Speed Read U.S. allies Jordan and Egypt rejected President Donald Trump's suggestion that Palestinians leave Gaza
By Peter Weber, The Week US Published
-
Trump orders release of JFK, RFK, MLK Jr. files
Speed Read The president signed an executive order to release classified documents related to the assassinations of John F. Kennedy, Robert F. Kennedy and Martin Luther King Jr.
By Peter Weber, The Week US Published