Lutnick Dismisses Recession Concerns While Bitcoin Stays Below $80,000
Treasury Secretary Howard Lutnick stated that the U.S. economy is solid, dismissing recession fears despite Wall Street concerns. Key points include:
- Lutnick refuted recession predictions during an interview on Meet the Press.
- He emphasized that Trump's tariff strategy will stimulate American growth and attract $1.3 trillion in new investments.
- While tariffs may increase foreign goods' prices, Lutnick claims they are part of a broader strategy to reduce the deficit and lower borrowing costs.
- Bitcoin (https://holder.io/coins/btc/) dropped 7% to $80,000, nearing its 2025 low, while other cryptocurrencies like Ethereum (https://holder.io/coins/eth/), Solana (https://holder.io/coins/sol/), and XRP (https://holder.io/coins/xrp/) also fell significantly.
- A Polymarket contract indicates a 41% probability of a U.S. recession by 2025, up 16% recently.
- The latest jobs report showed 151,000 jobs added in February, with unemployment rising to 4.1% and potential layoffs in the public sector expected next quarter.
- The Atlanta Fed forecasts a negative 2.8% growth rate for Q1.
- Another Polymarket contract suggests only a 3% chance of a recession before May.
