(DCNF)—Economist Steve Moore predicted Thursday on Fox Business that the stock market could see a “massive turnaround,” depending on the approval of a GOP-led budget resolution and other factors.
Concerns over President Donald Trump’s economic plans surfaced from some media pundits following the unveiling of reciprocal tariffs against a list of countries. With the market rebounding Thursday, however, and GOP lawmakers aiming to approve the budget resolution before July, Moore was asked whether he may have been wrong about his concerns regarding Trump’s focus on tariffs.
“We could be looking at an historic breakthrough on both trade and taxes,” Moore said.
On April 10, Congress passed a budget resolution blueprint involving Trump’s 2017 Tax Cuts, immigration enforcement and new defense spending, advancing the president’s legislative agenda. With Senate Republicans allowed to bypass the 60-vote filibuster through a simple majority, some have teased the resolution could be finalized through Congress by Memorial Day.
Moore went on to mention potential dates for finalizing the budget resolution.
“I don’t know what date they’re looking at. I heard July 4. I prefer Memorial Day, but I’ll take July 4. If those two things happen — this is a business show, this is an investor show — I think you’re gonna see one of the biggest booms in the stock market ever,” Moore said. “I really do.”
“I think you’re gonna see a massive turnaround in the bad stock market we’ve had over the last month or two, and it could be a record high. So, yeah, I’m feeling very bullish about things now. Look, there are still things that could go wrong,” Moore said. “[But] right now, it’s looking positive.”
Since Trump’s tariffs, the stock market has seen noticeable fluctuations, with S&P 500 futures rising 0.3% and Nasdaq-100 futures gaining 0.4% by close, according to CNBC.
Markets responded positively after Trump signaled Tuesday that the U.S. would eventually ease China’s 145% tariff, saying the rate would “come down substantially” — though not be eliminated entirely.
(Featured Image Media Credit: Screenshot/Fox Business/”Kudlow”)
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