Crypto and equities are plummeting on the weekly open amid President Trump’s tariffs and refusal to rule out a recession this year.
Earlier this month, the Federal Reserve Bank of Atlanta predicted a 2.8% contraction in GDP for the first quarter of 2025, sparking new economic uncertainty and recession talks.
The Atlanta Fed’s forecast is significantly below the average Blue Chip consensus, which is an average surveyed from leading business economists based on various economic data.
In an interview on Sunday Morning Futures with Maria Bartiromo, Trump was asked if he’s expecting a recession this year, but declined to give a definitive answer or prediction.
“I hate to predict things like that. There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing, and there are always periods of…
It takes a little time. It takes a little time, but I think it should be great for us, I mean I think it should be great…
What I have to do is build a strong country. You can’t really watch the stock market. If you look at China, they have a hundred-year perspective, we go by quarters. You can’t go by that, you have to do what’s right. What we’re doing is building a tremendous foundation for the future.”
The S&P 500 is now down 8% from its high, while Bitcoin (BTC) is revisiting its yearly low near $78,000, and most other digital assets have lost the majority of their market caps in the last several months.
Many of the biggest US stocks are also crumbling to start the week, with Tesla (TSLA) down 10%, Apple (AAPL) down 4.5% and Robinhood (HOOD) in the red by 9% on the day already.
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