Kudlow Calls For "Immediate" 50bps Rate-Cut, Signals Imminent Recession

Just weeks ago, President Trump's top economic advisor Larry Kudlow was bloviating about the strength and sustainability of the US economy as the cleanest dirty shirt in the world.

Something appears to have scared him as today, echoing Trump's latest Fed pick Stephen Moore, Kudlow is calling for The Fed to "immediately" cut rates by 50bps.

Axios reports that Kudlow "would love to see" such a downward move, adding that the central bank shouldn't have ever set overnight interest rates past 2%.

The market itself is pricing in almost 40bps of rate-cuts in 2019 while The Fed remains stuck at no rate-change in 2019.

The problem for Kudlow in calling for this immediate rate-cut is this - the last three recessions all saw a Fed rate-cut three months before they started.

However, it seems Kudlow has lost his mojo as the dollar is higher and stocks showed zero reaction to his comments

So what is Kudlow worried about? This?