Home Uncategorized Stimulus hopes fade as Trump ends talks

Stimulus hopes fade as Trump ends talks

100
0
A day after he posted a tweet encouraging lawmakers to work together to secure a stimulus package, President Trump put an end to ongoing talks between senior Democrats and Republicans who were attempting to hammer out a deal. The abrupt Uturn was a shock to both investors and the political sphere, as it came shortly after Federal Reserve chairman Jerome Powell cautioned there would be severe economic consequences if more support is not provided to the economy. Ten of the SP 500s 11 sectors slumped into the red after the news, with consumer discretionary stocks hit hardest as a failure to further support household finances and small businesses could have a major impact on consumer sentiment and spending. Trump said on social media that he has instructed representatives to stop negotiating on a deal until after the Presidential election, and disagreed with Powells take on the economy.