Trump says U.S. growth could hit 20%. It’s happened only once since WWII
Trump argued rapid growth should not prompt Fed rate hikes, even as inflation remains above the central bank’s 2% target.
TL;DR
- President Trump believes the U.S. economy could reach growth rates of 14-20%.
- Trump argues that strong economic growth does not necessarily cause inflation and should not prompt the Federal Reserve to raise interest rates.
- Real GDP has only exceeded a 20% annualized rate in one quarter since 1947 (Q3 2020).
- The Fed has kept interest rates steady, but many expect a hike in September.
- Trump desires the lowest interest rates globally and criticizes the Fed for potentially raising rates despite positive economic numbers.