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Rex Nutting: Trump and the stock market are spooking Powell into making this rookie mistake

By all accounts, the U.S. economy is growing robustly, with very low unemployment and very low inflation. The Dow Jones Industrial Average DJIA, +0.28% and S&P 500 index SPX, +0.41% are near record levels and interest rates are extremely low. It’s what they used to call a Goldilocks economy, with nothing too hot or too cold and everything just right.

So, of course, the Federal Reserve is going to cut short-term interest rates in three weeks as insurance against the possibility — however remote — that the economy might soon collapse because of slowing global growth, in part attributable to Donald Trump’s trade war.

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