It’s been weeks since President Donald Trump declared Liberation Day and instituted tariffs to bring nations to the negotiating table. This triggered a market reset that was bound to happen since Biden-era spending levels were ending.
The political class and the elites have tried to induce a panic sell-off to scare people away from Trump’s agenda. It failed. It didn’t cause Trump voters to regret their vote. The media jumped for glee at the thought of a recession. They said April would be the worst market month since 1932. Except they were wrong, and they were wrong about the tariffs (via Politico):
Some intern weeped while tweeting this out https://t.co/PwPEkAmGIq
— Ryan James Girdusky (@RyanGirdusky) May 13, 2025
Prices climbed at an unexpectedly slow pace last month, offering a boost to President Donald Trump, whose aggressive trade policies have sparked fears of a resurgence in inflation.
The Labor Department on Tuesday reported that prices rose at an annual rate of 2.3 percent, the smallest increase since early 2021. While price growth in so-called core sectors of the economy — which exclude volatile food and energy costs — remained elevated at 2.8 percent, April’s Consumer Price Index contained only scant evidence that Trump’s tariffs have meaningfully driven up the cost of living.
[…]
Even though tariff rates have fallen since the administration negotiated a temporary détente with China, Fed Governor Adriana Kugler said Monday that the administration’s new taxes on imports are still “pretty high” and that she expects inflation to rise and growth to slow soon.
So far, that hasn’t happened.
Few economists had expected that overall inflation surged last month. But there was broad anticipation that Trump’s levies on Chinese imports, steel and aluminum and certain Canadian and Mexican products had caused prices for apparel, electronics and other consumer goods to spike. If anything, the opposite occurred: The cost of clothing and new cars — two areas that were highly exposed to Trump’s initial levies — both fell.
They’re just wrong about everything, aren’t they? Suck it. That Politico headline was delicious to read, but there’s more good news: the recession prediction by JPMorgan has been canceled.
RECESSION CANCELLED?
— Polymarket (@Polymarket) May 13, 2025
The odds of a US recession this year have fallen to just 39%.
JP Morgan: The Recession Has Been Called Offhttps://t.co/syaLNfPjer
— HotAir.com (@hotairblog) May 13, 2025
JPMORGAN DROPS U.S. RECESSION CALL
— NewsWire (@NewsWire_US) May 13, 2025
What about inflation again, CNN?
🚨Even CNN couldn't ignore that inflation just hit its LOWEST point since 2021.
— Townhall.com (@townhallcom) May 13, 2025
"It's an unexpected and very welcome development that's defying economists' expectations..." pic.twitter.com/ywW4WYXGME
The market has rebounded, and then some—the slight dip in April is old news. We have nine consecutive days of market gains, which has only happened 31 times in 97 years.
Your 401k just became a 201k. And the fucking moron who did that to you is golfing the rest of the weekend in Miami. Let that sink in.
— Rep. Eric Swalwell (@RepSwalwell) April 4, 2025
Since this tweet:
— Cabot Phillips (@cabot_phillips) May 13, 2025
-The NASDAQ is up 22%
-The S&P 500 is up 16%
-The DOW is up 10% https://t.co/FUamEheSn9
Egg prices, which Democrats laughably weaponized against Trump, dropped 12.7 percent in April, the largest dip since 1984. We got a new trade deal with the United Kingdom and a new trade reset with China.
BREAKING: Egg prices fell 12.7% in April — the biggest drop since 1984.
— Leading Report (@LeadingReport) May 13, 2025
Every major anti-Trump narrative on the economy has imploded, and almost everything that’s happened was dismissed as fantasy by Democrats and the experts who will likely eat buckshot again.
You people are just wrong—it sucks to suck.
On April 4, Jim Cramer warned of a 1987 "Black Monday" style market crash.
— Collin Rugg (@CollinRugg) May 13, 2025
Since that comment just over a month ago, the S&P 500 is up over 16%.
If you sold on April 4, you missed out on some of the greatest 1-month gains ever.
Here are some returns from individual stocks… pic.twitter.com/NsQJGbfRgq
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