WYOMING- Federal reserve chairman Jerome Powell stepped into the spotlight Friday, August 23rd.
He's addressed The Fed's annual economic symposium. Powell says his main task was to keep markets calm and lessen fears of a U.S. slowdown.
It comes after President Donald Trump tweeted Thursday, August 22nd about the economy doing well. President Trump wants The Fed to cut interest rates, tweeting that the move could "Let America win big, rather than just win."
Many analysts believed Powell would continue his message that The Fed is working to stay flexible while dealing with increased uncertainty, and it will keep tabs on the impact President Trump's trade war is having on the U.S. economy.
So is the U.S. heading into a recession? We asked that question to Investment Advisor Mark Grywacheski Monday, August 26. He says he thinks our economy's strong enough to push through a recession, but he says there are two big unknowns.
"To what extent does the global economy continue to weaken? Is there further escalation in the U.S. China trade dispute? On Friday, we just had another escalation, so these are two factors that could potentially accelerate and push the economy a little bit faster into a recession."
Sunday, August 25, President Trump offered mixed signals about the trade war with China. He said he has "second thoughts about everything" when it comes to China. Aides later clarified he wanted higher tariffs. Your Money with Mark airs every Monday in between 5 a.m. and 5:30 a.m. on Good Morning Quad Cities. To live stream our newscast, click here.
