Stocks saw their worst day of the year on Monday, after Beijing suggested it was weaponizing its currency by devaluing it— the latest sticking point in an ongoing U.S.-China trade war.
“I’ve been a forecaster my entire professional life and one thing we always look at is where’s investment going — because investment determines future hiring, future productivity, and future real wages and real incomes,” Milken Institute chief economist William Lee told Yahoo Finance during a recent interview.
“It’s called ‘currency manipulation,’” Trump said in a Twitter post. “Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!” “But remember the long-end — the 10-year treasury and the 30-year Treasury — are dropped down to the 170s now because global interest rates are also incredibly low,” he added.Both Europe and Japan have implemented below-zero interest rates, in an unconventional bid to boost growth and inflation.
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