Both the S&P 500 (SPX) and Nasdaq 100 (NDX) are rising on Friday after the May nonfarm payrolls jobs report came in at 139,000, higher than the 126,000 jobs forecast by economists. President Trump is certainly happy about it.
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“GREAT JOB NUMBERS, STOCK MARKET UP BIG! AT THE SAME TIME, BILLIONS POURING IN FROM TARIFFS!!!,” said Trump in a Truth Social post.
Trump Pushes for Rate Cuts Following Jobs Report
Earlier today, Trump urged “Too Late Powell,” the nickname he has given to Fed Chair Jerome Powell, to cut the federal funds rate, characterizing him as a “disaster.” A lower rate would reduce the interest expense that the U.S. owes on its debt, argued Trump. The president added that there “is virtually no inflation (anymore).”
April’s consumer price index (CPI), which tracks inflation, tallied in at 2.3%, lower than the estimate for 2.4% and the lowest reading since February 2021. At the same time, it’s still higher than the Fed’s 2% inflation target.
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