Howard Lutnick, Commerce Secretary of Trump, calls Atlanta federal government’s economic forecast “silly”
U.S. Secretary of Commerce Howard Lutnick talks about mutual tariffs, trade deficits, American manufacturing, automobile production and the macroeconomics in a broad interview with Fox Business’s Maria Bartiromo.
U.S. Secretary of Commerce Howard Lutnick appears to have been clearly shocked Friday after learning that recent estimates from the Federal Reserve were showing a shrinking quarter.
“Wait, wait, wait, say it again. What? What?” Lutnick interrupted. Fox Business ‘Maria Bartiromo After she read, the Federal Reserve Bank of Atlanta estimated that gross domestic product (GDP) would be expected to be contracted in the first quarter.
“Contractions?” he continued. “Okay… here, now, that’s ridiculous.”
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Lutnick said he told Atlanta federal president, President Rafael Bostic, “absolutely.”
U.S. Secretary of Commerce Howard Lutnick was shocked by the Federal Reserve Bank of Atlanta expects a first quarter GDP contraction. (FoxBusiness)
Atlanta Fed’s GDPNOW model is used for estimation Real-time GDP growth Based on available economic data, we predicted a contraction of 2.4% in the first quarter, slightly improving from the initial estimate of -2.8% on March 3.
“We own the economy in the fourth quarter,” Lutnick revealed. “We get the shovel on the basis of this $2 trillion commitment to cutting regulations, building factories and building production in the US.
“The first and second quarters are like our optimism — Egg pricesinterest rates fell, energy prices “secretary expanded. “But that’s the confusion we left behind.”
Thomas Hornig, former Vice Chairman of the FDIC and CEO of the Federal Reserve Bank of Kansas City, talks about America’s growth forecast, Doge spending cuts and future Fed leadership.
He further pushed against Baltiromo: No, come on. ”
The Bureau of Economic Analysis’s advanced quarter GDP estimate is planned for April 30th. The next GDPNOW update for the Atlanta Fed will be announced on Monday.