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White House officials pushed back on Sunday against concerns that economic growth may be faltering amid a trade war with China, saying they saw little risk of recession.
White House economic adviser Larry Kudlow told Fox News: 'There is no recession in sight. Consumers are working. Their wages are rising. They are spending and they are saving...I think we are in pretty good shape.'
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His comments come despite a volatile week on global bond markets.
All three major U.S. indexes closed down about three per cent on Wednesday only to pair their losses by Friday due to expectations the European Central Bank might cut rates.
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For a brief time last week bond investors also demanded a higher interest rate on 2-year Treasury bonds than for 10-year Treasury bonds, often construed as a sign of lost faith in near-term economic growth.
However, trade adviser Peter Navarro on Sunday likewise dismissed last week's warning signs, saying 'good' economic dynamics were encouraging investors to move money to the United States.
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'We have the strongest economy in the world and money is coming here for our stock market. It's also coming here to chase yield in our bond markets,' Navarro told ABC's This Week.
That sort 'flight to safety' is typically driven by concerns of global economic trouble - in this case the possibility that the Trump administration's tariff battle with China may dampen business investment and growth worldwide.
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The tariffs on Chinese goods, Navarro said, 'are not hurting anybody here.'
The U.S. economy does continue to grow and add jobs each month. Retail sales in July jumped a stronger-than-expected 0.7%, the government reported last week, and Kudlow...
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