Latest news with #fed
Yahoo
23-04-2025
- Business
- Yahoo
Americans' economic, financial expectations sink in April
The Brief A record 53% of Americans say their personal finances are getting worse, and most now expect the economy and stock market to decline. Just 29% believe the stock market will rise in the next six months, down from 61% in January; pessimism about job prospects and economic growth has surged. Gallup and the IMF cite Trump's tariffs as a key factor behind the economic gloom, with global growth forecast to slow and U.S. inflation expected to rise. WASHINGTON - A new Gallup poll showed that Americans' mood towards the economy and their own finances, sunk in April and, in some cases, substantially. Research showed that 53% of Americans believe their personal financial situation is getting worse, a record high. Methodology Gallup's annual Economy and Personal Finance survey was conducted from April 1 to April 14. Most of the poll was conducted after President Donald Trump announced "Liberation Day" tariffs on numerous countries on April 2. RELATED: Americans considering filing for bankruptcy hits highest level since pandemic By the numbers Gallup showed that Americans have grown more pessimistic about the direction of the stock market and economic growth in the wake of Trump taking office. RELATED: Can Trump fire the fed chair? President lashes out at Powell for economic outlook The findings showed: Just 29% now expect the stock market to go up over the next six months, while 58% think it will decline. This is a near reversal from late January, when 61% foresaw the market gaining and 18% declining. Similarly, 38% are currently optimistic about U.S. economic growth, predicting it will increase over the next six months, while 48% think it is likely to decline. This differs from the strongly positive tilt in January, when 53% believed economic growth would rise and 29% thought it would decline. 58% now believe it's a bad time to find a quality job, whereas 38% consider it a good time. This is a change from January, when the public was split between calling it a good time (48%) and a bad time (45%). Gallup said the results showed that this is the most pessimistic outlook for jobs that researchers have recorded in four years, since January 2021, during the COVID-19 pandemic. The survey also revealed: A quarter of Americans believe the economy is currently growing, 33% perceive it's slowing down, and 42% say it is in a recession (27%) or economic depression (15%). Attitudes are more positive about where the economy will be a year from now, with 45% predicting it will be growing by that time and fewer thinking it will be slowing down (7%). However, the percentage expecting the economy to be in a recession or depression (47% combined) is slightly larger than the 42% saying that about the current economy. RELATED: China's economy grew 5.4% before US tariffs hit; slowdown likely, analysts warn Dig deeper "Public attitudes about several specific aspects of the U.S. economy have changed markedly in the short time Trump has been in office, as Americans' expectations for the stock market, economic growth and employment have turned negative and consumers are feeling unusually pessimistic about their personal finances," researchers said. Big picture view The U.S. and global economies will likely slow significantly in the wake of Trump's tariffs and the uncertainty they have created, the International Monetary Fund said Tuesday. The IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%, according to its latest World Economic Outlook. And in 2026, global growth will be 3%, the fund predicts, also below its previous 3.3% estimate. The forecasts underscore the widespread impact of both the tariffs and the uncertainty they have created. Every country in the world is affected, the IMF said, by hikes in US import taxes that have now lifted average U.S. duties to about 25%, the highest in a century. RELATED: These stores are poised to benefit if US tariffs drive up new clothing costs The Trump administration has slapped duties on cars, steel, and aluminum, as well as 25% import taxes on most goods from Canada and Mexico. The White House has also imposed 10% tariffs on nearly all imports, and a huge 145% duty on goods from China, though smartphone and computers have been exempted. China has retaliated with 125% duties on US goods. Inflation will likely worsen in the United States, rising to about 3% by the end of this year, while it will be little changed in China, the IMF forecast. The Source The Associated Press contributed to this report. The information in this story comes primarily from Gallup's annual Economy and Personal Finance survey, conducted from April 1 to April 14, which measured Americans' views on their personal finances, the job market, the stock market, and overall economic conditions. This story was reported from Los Angeles.
Yahoo
17-04-2025
- Business
- Yahoo
Trump says Fed chair termination can't come 'fast enough'
WASHINGTON (NEXSTAR) – President Donald Trump says Federal Reserve Chairman Jerome Powell's termination 'cannot come fast enough.' The head of the independent agency has previously said he would not resign at the president's request. The president wants the fed to cut interest rates. The president expressed his frustration with the fed chair as the agency warns of the impact the president's tariffs could have on the economy. 'If I want him out, he'll be out of there real fast believe me,' said Trump. President Trump says the fed has not cut interest rates fast enough. 'Oh, he'll leave if I ask him to. He'll be out. I don't think he's doing the job, he's too late, always too late. Really slow and I'm not happy with him,' said Trump. This comes after Powell signaled the fed would leave interest rates unchanged, while weighing the effects immigration, taxation and tariffs could have on the economy. 'Tariffs are highly likely to generate at least a temporary rise in inflation,' said Powell. Powell warned that a rise in inflation could make it harder for the fed to cut rates in the immediate future. 'For the time being, we're well positioned to wait for greater clarity before considering and changes to our policy stance,' said Powell. Despite this warning the president claims rate cuts is the way forward. 'I would say the Fed really owes it to the American people to cut interest rates,' said Trump. The president says Powell isn't doing his job properly. 'The only thing that's gone up is interest rates because we have a Federal Reserve chairman that's playing politics,' said Trump. The Federal Reserve is an independent agency. A legal case bound for the Supreme Court could decide whether presidents have the power to fire leaders of independent agencies. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
31-03-2025
- Business
- Yahoo
Weeks after giving apparent Nazi salutes on stage Musk claims the left doesn't know what Nazism is
Billionaire Elon Musk has claimed the left 'obviously' do not know what Nazism is, in a speech aired live on C-Span. The Tesla CEO and X owner also said he did not classify himself as right-wing until the left 'went all the way in the other direction.' 'I didn't think of myself as right, I thought of myself as centrist, but then the left went all the way in the other direction, and now everyone's a Nazi,' Musk said. 'I'm like, wait a second, do you know what that means? Obviously not.' His comments follow outrage online and on cable news after he made a salute many people felt was fascist during his speech at the Capitol One Arena to celebrate President Trump's inauguration in January. Musk pounded his chest and shot his right arm out towards the sky while talking about the potential of landing a man on Mars and planting an American flag. He then repeated the gesture towards the American flag above the stage. In response to the backlash, Mr. Musk posted on X, formerly Twitter: 'The 'everyone is Hitler' attack is so tired.' In his recent speech aired on C-Span, the Federal Reserve was not spared either. 'End the fed!' Mr Musk exclaimed with a raised fist when pressed on his thoughts and intentions on the US central banking system. 'I always wanted to say that,' he continued, laughing. 'I think there's like 20,000 people who work at the fed. Pretty high.' 'Why do we have so many people at the fed, and what do they do?' he added. Musk went on to say a Magic-8 ball would win in a competition with the Federal Reserve Board over interest rates. 'I think the Magic-8 ball might win... it's a lot cheaper,' he added before saying what really matters is that government spending is not in excess of revenue. He said the United States's 'fundamental issue' was a $2 trillion deficit and that his 'wake-up call' was knowing interest payments exceeded the entire military budget. 'That's a disaster. The very simple, straightforward role of the DOGE team is to get rid of waste.' The White House has said Musk was appointed as a senior adviser to President Trump but is not technically part of the newly created Department of Government Efficiency, or DOGE. His exact role is key in the fight over access to sensitive government data that he has been granted.
