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June 12, 2021
President Trump responded to rising concerns in global markets Sunday by stating that his administration is “prepared for everything,” but that his economic advisers don’t fear an economic recession in the near future. “We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money,” Trump said on Sunday. ~
The President’s remarks come amid alarming signs of future recession in global markets. According to CNBC, the “yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is typically taken as a sign that a recession is on the horizon.” U.S. stock markets responded heavily to the inversion, with recession fears causing the three major indexes in the U.S. to drop around 3% on Wednesday. The monetary policies of the U.S. Reserve, as well as nineteen other central banks, loosened their monetary policies in response to the market scare in what Fitch Ratings described as “the largest shift since the 2009 recession.” More cuts are expected in the near future. Many on the left and the right are acclaiming the tension in global markets to the U.S.-China trade war that has left investors wary of rising tariffs on Chinese goods. ~
According to CNN, as five of the World’s largest economies face the risk of recession, Trump remains “not ready” to make a deal with China. “If I wanted to make a bad deal and settle on China, the market would go up. But it wouldn’t be the right thing to do,” he explained. “I’m just not ready to make a deal, China would like to make a deal, I’m not ready.” ~
This is Fact Based America – WE have the FACTS, YOU have the OPINIONS. What do you think about the global markets? Do you think there is reason to worry?