The day before the Fourth of July, the stock market closed at record highs. On Friday, July 5, it looks like the economic good news simply keeps coming for President Donald J. Trump and the American people as the June jobs reports blew past all expectations. However, the president also insisted that the economy could truly be stellar if the Federal Reserve simply cut interest rates.
As reported by NBC News, the "economy gained a whopping 224,000 jobs in the month of June, beating expectations of 150,000 and continuing a generally robust hiring pace that has brought Americans off the sidelines and into the workforce at the highest rate since 1969."
But, President Trump said that the economy would, but "we don’t have a Fed that knows what they’re doing.
"If we had a Fed that would lower rates, you would have a rocket ship," he said of the economy.
President Trump called on the Federal Reserve to lower interest rates after touting the latest job report.
— CNN Politics (@CNNPolitics) July 5, 2019
“We don’t have a Fed that knows what they’re doing. … If we had a Fed that would lower rates, you would have a rocket ship” pic.twitter.com/Fzg7Glx9v7
But, some economic experts predict that the Fed will cut rates, and the jobs report bolsters confidence to do so.
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"With a stronger-than-expected reading on hiring, the plot thickens with respect to the Fed’s decision," Mark Hamrick, senior economic analyst at Bankrate, told NBC News. "The central bank may still attempt to mollify investors by putting a modest, so-called insurance cut in place. The array of headwinds associated with slowing global growth, trade disputes and tariffs have not gone away."
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