Trump’s former MAGA economic advisor Larry Kudlow could barely contain his fury after the stock market hit record highs Thursday in response to the Fed cutting rates on Wednesday.
Kudlow, like most Wall Street folks, have been demanding rate cuts for some time from the Federal Reserve and the Street knew it was coming Wednesday, but when Powell finally did it, Kudlow whined and tried to create a conspiracy theory that it was strategically done to benefit Kamala Harris.
What a putz. Here is how he opened his show.
“So, day after Fed Chairman Jay Powell sent Kamala Harris a 50-basis-point election gift and completely contradicted himself on the economy, whatever, the stock market roared,” Kudlow fumed.
You can bet Larry would have been wetting himself opening up his show with the market at record highs with Trump still president.
You can’t have it both ways, Larry. You can’t demand rate cuts and then when they happen, bitch and moan because it helped the US economy and the American people.
Gerri Willis discussed the surge.
WILLIS: Well, stocks are higher. Stocks surging today on hopes for a soft landing for the economy after the Federal Reserve slashed the Fed Funds rate yesterday 50 basis points.
The Dow in market action today up 522 points, the S&P up 95, the Nasdaq up 440.
All three major averages hitting all-time highs after the best day for markets since August 5th, that is.
The rally also lifting small-cap stocks as investors’ risk appetite was whetted by the Fed’s accommodative stance.
Nearly every sector rising, tech and consumer discretionary, of course, but also the Stocks Index, that’s semiconductors, rising 4.8 percent, banks and energy higher as well.
After Willis finished going over all the excellent data, Kudlow tried to throw cold water on the entire US economy by cherry picking data to prop up Trump’s economy minus the entire year of 2020 after COVID hit and then not doing the same for the Biden administration. It was such an obvious lie, but Kudlow could not get himself to be happy about the state of the US economy.
What a sad sack sour puss.
