Trump’s Tweets Halt Economic Stimulus Negotiations…
US President Donald Trump abruptly interrupted economic stimulus negotiations on his own account Tuesday, only to seemingly reverse the course of the decision eight hours later in a pair of tweets.
The president’s Twitter account set the markets on a roller coaster ride. There was a sharp decline at the close on Tuesday, followed by a rise in pre-market trading on Wednesday. Similarly, attendees on Capitol Hill had no idea exactly where the president is right now on the stimulus. But all agree that the actual substantive bipartisan negotiations, which were already in a fragile position, are over for the moment.
Bottom line: the market, based on what happened on Wednesday morning, has no idea what it is doing. The reality, contrary to Trump’s pushback tweets, is that the bipartisan stimulus talks are dead. There may be efforts to advance piecemeal legislation in the coming weeks, but Democratic leaders have repeatedly rejected that path.
What it all means: For millions of unemployed or underemployed people, for small business owners barely surviving, for airlines cutting thousands of jobs, for a decimated service sector, federal aid won’t come anytime soon.
A MESSAGE FROM THE PRESIDENT! pic.twitter.com/uhLIcknAjT
— Donald J. Trump (@realDonaldTrump) October 7, 2020