Today, President Trump heads to France for the G7 summit. The president and other world leaders will meet from Saturday until Monday. French President Emmanuel Macron says he will forego the tradition of ending the summit with a joint agreement..citing President Trump’s prior decision to withdraw from a climate agreement. It will be the first time in the G7’s 44-year history no collective agreement has been made.
Meanwhile, Federal Reserve Chairman Jerome Powell steps into the spotlight. He’s addressing the Fed’s annual economic symposium in Wyoming today.
The Trump administration is confident about the U.S. economy. The president tweeting Thursday: “The economy is doing really well. The Federal reserve can easily make it record setting!”
The president wants the Fed to cut interest rates, tweeting that this move could help “let America win big, rather than just win.” But some have concerns about what may be looming…financially speaking, particularly because of the tariff battle with China.
The congressional Budget Office says the federal deficit will balloon to nearly 960-billion dollars this fiscal year…..and an average of one-point-two trillion a year for the following decade.
Many analysts believe Powell will continue his message that the Fed is working to stay flexible while dealing with increased uncertainty……and that it will keep tabs on the impact President Trump’s trade war is having on the U.S.economy.