Will the Fed raise interest rates? The “Trump Slump” stock market could fall even further

For much of his first two years as president, Donald Trump has liked nothing better than bragging about the stock market. Over dinners at Mar-a-Lago, he would revel in listening to friends tell him how well their investment portfolios were doing. He would ask cameramen in the White House press pool how much their 401(k)s had gone up. He got a signature corporate tax cut through Congress, the economy was rolling, and records in all the major equity indexes seemed to reflect that. Within just the past two months, that narrative has changed dramatically. In October, new Federal Reserve Chairman Jerome Powell gave a speech in which he appeared to indicate he would continue to raise interest rates through next year—continuing to reverse a historic period of easy money following the Great Recession of a decade ago. The U.S. stock markets began to come down. Global economic growth, in Europe and China in particular, was slowing. Nervousness about an ongoing trade war with Beijing had intensified, and there were increasing signs that the U.S. economy was unexpectedly cooling as well. Autumn’s stock sell-off accelerated. Now the Dow Jones Industrial Average is on track to have its worst December since the… Read full this story

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