After issuing new tariff rates to 22 countries, President Trump is now celebrating the gains in the stock market.
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“Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS! CRYPTO, ‘Through the Roof.’ NVIDIA (NVDA) IS UP 47% SINCE TRUMP TARIFFS,” said Trump in a Truth Social post on Thursday. He also said that the U.S. is “back” while pressuring the Fed to quickly lower interest rates in order to reflect “NO INFLATION” and domestic strength.
July Rate Cut Odds Dim Trump’s Hopes
Unfortunately, Trump’s call for a rapid rate cut will likely be in vain. The odds of a 25 bps rate reduction at the July 29-30 Federal Open Market Committee (FOMC) sit at a modest 6.7% compared to 14.4% a month ago. Trump will probably have to wait until the September FOMC meeting, where the odds of a 25 bps reduction are much higher at 64.0%.
According to TipRanks’ Trump Dashboard, the Technology Select Sector SPDR Fund (XLK), the Industrial Select Sector SPDR Fund (XLI), Nvidia, and one other stock will likely be affected by Trump’s post.
