The Federal Reserve Chairman confirmed Tuesday that the United States economy was “growing stronger” than expected, saying an interest rate hike may be likely in the coming weeks should the recovery continue to expand.
According to CNBC, Chairman Jerome Powell signaled he was considering raising the interest rate for the second time in recent months, saying “Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate.”
“The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them,” he added.
The strong data throws more cold-water on the media’s over-hyped “blue wave” predicted for this fall, with House Minority Leader Nancy Pelosi threatening to repeal the widely-popular GOP-sponsored tax cuts
Read the full report at CNBC.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.
GREAT AGAIN: $300 Billion ‘FLOWING BACK’ to US after GOP Tax Cuts
Billions of dollars of American currency formerly overseas is now flowing back into the United States following the GOP-sponsored tax cuts, according to Fox Business and new statistics released this week.
The data shows over $300 billion was repatriated back to the United States in the first quarter of 2018; beginning just weeks after the President signed the sweeping overhaul of the nation’s outdated tax code into law.
“The [Bureau of Economic Analysis] notes the main driver of the repatriation surge is that companies are no longer taxed on foreign earnings when returning the funds to the U.S,” writes Fox.
“U.S. firms that used to build their factories overseas in order to avoid U.S. taxes, they stopped in their tracks because of the tax bill, they are bringing all the money home,” said Kevin Hassett, chair of the president’s Council of Economic Advisers.
Read the full story at Fox Business.