President Trump joined his top White House economic advisers in downplaying concerns that the U.S. is heading for a recession, telling reporters on Sunday: "I don't see a recession."
Why it matters: The stock market saw a huge sell-off last week after the yield curve inversion, a warning sign that's predated every recession for the past 50 years.
President Trump: "I don't think we're having a recession. We're doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they're loaded up with money." pic.twitter.com/An41BZcWtT
— The Hill (@thehill) August 19, 2019
The big picture: White House trade adviser Peter Navarro and the Trump administration's economic adviser Larry Kudlow took to the Sunday morning talk shows in an effort to calm recession concerns.
- Navarro also denied that tariffs on Chinese goods are hurting American consumers. That's despite reports to the contrary from researchers at leading institutions including the International Monetary Fund, Harvard, the University of Chicago and the Federal Reserve of Boston, Axios' Zachary Basu notes.
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