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US stocks fall again as ex-Fed chair decries ‘self-inflicted wound’ of Trump’s tariffs (www.theguardian.com)

submitted 3 days ago* (last edited 3 days ago) by [email protected] to c/[email protected]

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Summary

U.S. stocks tumbled Thursday as market volatility continued after Trump’s abrupt 90-day tariff pause and raised tariffs on Chinese imports to 145%.

On CNN, former Treasury Secretary Janet Yellen called Trump’s economic policies the “worst self-inflicted wound” an administration had ever imposed on a “well-functioning economy.”

The Dow dropped 2.5%, Nasdaq 4%, and S&P 500 3.4%. Trump tried to defend the move as strategic leverage.

Critics condemned the chaos and raised insider trading concerns after Trump told subscribers it was a “great time to buy.”

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[–] [email protected] 18 points 3 days ago (1 children)

It's usually two quarters. By the time we are officially in recession we have been for half a year.

[–] [email protected] 7 points 3 days ago* (last edited 3 days ago)

Also, it's not two quarters of the stock market being down, but GDP. What's being talked about in this article is the stock market. I mean, yeah, they're linked, but the stock market is going to be considerably more-volatile and reflects investor beliefs about future economic activity. After some bouncing around, the S&P 500 is down something like 10% as of today since the beginning of the month. US GDP has not dropped 10% in the past week-and-a-half.

EDIT:

https://en.wikipedia.org/wiki/Okun%27s_law

Okun's law states that a one-point increase in the cyclical unemployment rate is associated with two percentage points of negative growth in real GDP.

If we'd had the GDP fall off by 10% in the past week and a half, we'd expect something like one in twenty Americans to have lost their jobs in the past week and a half.