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 estimated that after suspending Maria Bartiromo from Fox Business and reading the Federal Reserve Bank of Atlanta, he estimated that GDP is expected to be contracted in the first quarter.
“Contractions?” he continued. “Okay… here, now, that’s ridiculous.”
Commerce Secretary Howard Lutnick defends Trump’s tariff endgame against the fear of a recession
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)
The Atlanta Fed’s GDPNOW model, which is used to estimate real-time GDP growth based on available economic data, predicted a contraction of 2.4% in the first quarter, slightly improving from its 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: lower egg prices, lower interest rates, lower energy prices,” the secretary expanded. “But that’s the mess we’ve 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.
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