Trump says the U.S. economy is growing at 3.4 percent and core inflation is low
He also says equipment investment rose 21% and that the numbers beat 72% of economists' forecasts.
Trump said on Truth Social that the U.S. economy is growing at 3.4 percent, which he called "a historic level of economic growth," and that core inflation "remained low." He said consumer spending and business investment are "way up," that investment in new equipment "exploded by 21%," and that the numbers beat 72% of economists' forecasts.
The claim arrives as the Federal Reserve is tightening. It has raised its policy rate to 3.75%-4%, its first increase since 2023, and Chair Kevin Warsh pointed to inflation still running hot. Money markets price three more rate hikes over the next year, and bond yields are at multi-year highs. Diesel is at $6.45 a gallon.
Warsh also flagged rising near-term inflation expectations and a move higher in oil this week. Trump's post stresses core inflation, which leaves out food and energy prices.
The post fits a run of favourable economic claims from Trump ahead of the midterms. He made similar claims about consumer confidence on Oct 27. The tax provisions he described on Oct 19 match a law he signed in July 2025, according to Ogletree Deakins and Fox Business.
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