US Secretary of Commerce Howard Lutnick talks about reciprocal prices, trade deficits, American manufacturing, automotive production and macroeconomics in a large interview with Fox Business’ Maria Bartiromo.
The American secretary of trade Howard Lutnick was apparently shocked on Friday, after learning that a recent estimate of the Federal Reserve shows that the American economy has shrunk in the first quarter.
“Wait, wait, wait, say that. What? What?” Lutnick interrupted Maria Bartiromo, Maria Bartiromo, after reading the Federal Bank of the Atlanta Federal Reserve, which the gross domestic product (GDP) should contract in the first quarter.
“A contraction?” He continued. “Okay … here, right now, it’s ridiculous.”
Commerce secretary, Howard Lungick, defends Trump’s price against recession fears
Lutnick noted that he had “absolutely not spoken” to the president of Atlanta Fed, Raphael Bostic, of the question.
The American secretary of trade Howard Lutnick was shocked that the Federal Reserve Bank of Atlanta is expecting a contraction in the GDP in the first quarter. (Foxbusiness)
The GDPNOW model of Atlanta Fed estimates a contraction of 2.4% for the first quarter, a slight improvement compared to its initial estimate of -2.8% on March 3. However, his website notes that the tracker is not an “official forecast” but an “operating estimate of the function of Real GDP growth based on economic data available for the current measured quarter. “”
“We have the economy in the fourth quarter,” said Lunick. “We reduce the regulations, we get shovels in the field of these 2 dollars of commitment to building factories, to strengthen production in America. You have everyone in America to build. It starts very strong in the third quarter.”
“The first and second quarter are a bit a bit [of] Our optimism – the prices of lowered eggs, interest rates, downward energy prices, “the secretary has extended.” But this is the mess with which we found ourselves. “”
The former FDIC vice-president and the CEO of the Federal Reserve Bank of Kansas City, Thomas Hoenig, talks about growth forecasts from the United States, Doge’s expense reductions and Fed’s future leadership.
He also pressed Bartiromo: “You feel it, Maria. Do you feel deep and deep pain in the first quarter? I watched your show from the start. I don’t remember that you said:” Oh my God! “No, go.”
The advanced estimate of the Bureau of Economic Analysis for GDP in the first quarter is scheduled for April 30.
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