Somewhere, Jerome Powell just breathed a sigh of relief.
After months of bashing the Fed and blaming Powell for the stunning market rout that closed out 2018, President Trump has finally figured out a better narrative to assuage the fears of concerned supporters who are anxious about the recent hit to their 401(k)s: Don't blame the Fed, blame the Democrats.
In a Friday morning tweet, Trump followed up on his pre-midterm claim that "if you want stocks to fall, vote Democrat" by blaming Democrats for the "disruption to the Financial Markets" - a "disruption" that Trump described yesterday as a "glitch".
And although Democrats will hold the House for at least the next two years, the president capped off his tweet with an optimistic outlook on markets, arguing that since "we won the Senate, they won the House...things will settle down," adding "they only want to impeach me because they know they can't win in 2020, too much success!"
As I have stated many times, if the Democrats take over the House or Senate, there will be disruption to the Financial Markets. We won the Senate, they won the House. Things will settle down. They only want to impeach me because they know they can’t win in 2020, too much success!— Donald J. Trump (@realDonaldTrump) January 4, 2019
He followed up with a second tweet questioning how Democrats could impeach him when he's "done nothing wrong" and had "the most successful first two years of any president" - suggesting that the president is still feeling some anxiety about the myriad investigations Democrats have promised to launch now that they've officially retaken the House.
How do you impeach a president who has won perhaps the greatest election of all time, done nothing wrong (no Collusion with Russia, it was the Dems that Colluded), had the most successful first two years of any president, and is the most popular Republican in party history 93%?— Donald J. Trump (@realDonaldTrump) January 4, 2019
And once again, Trump has a point: Even when factoring in the recent selloff, US stock indexes are still above their levels from inauguration day.