'No recession in sight'
His remarks came after Mr Kudlow had told Fox News Sunday that the US economy remained "in pretty good shape". "There is no recession in sight," Mr Kudlow said. "Consumers are working. Their wages are rising. They are spending and they are saving." Markets around the world were rattled last week by the movement in the bond markets, which also knocked stock markets. On Wednesday last week, US stock markets fell by about 3% when the yield curve inverted, although they had recovered lost ground by the end of the week. Last month, the US Federal Reserve cut interest rates for the first time since 2008, and more cuts are expected. Janus Henderson's Laura Foll told the BBC's Today Programme that the US central bank was "responding to global events" such as the contraction in both the UK and German economies during the second quarter. The Bundesbank says the main reason for Germany's slowing economy is the manufacturing sector The Germany economy contracted by 0.1% in the second quarter of the year, according to figures released last week, and its central bank said on Monday that it could shrink again in the third quarter - indicating a recession. "Overall economic performance could again decline slightly," the Bundesbank said in a monthly report. "The main reason for this is the continuing downturn in industry". The US economy also slowed in the last quarter, growing at an annualised pace of 2.1%. The US President has published about 40 tweets either criticising Fed Chairman Jerome Powell or pushing for a rate cut. "Of course, it is really hard to know how much of an effect Trump is having," Ms Foll said. "I don't think you can rule out the extreme pressure the Fed is under from Trump, but it is really hard to know how much of a direct knock-on effect that is having on policy."DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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