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Matthew A. Winkler

It's the Yellen Rally, Not the Trump Trade

Stocks are rising because companies are doing well. That happens when steadiness prevails. Enough said.
Steady as she goes.

Steady as she goes.

Photographer: Arne Dedert/AFP/Getty Images

President Donald Trump is nothing if not persistent when it comes to taking credit for the best U.S. stock market since 2013. That puts him at odds with almost every arbiter, from Business Insider to The Motley Fool to the New York Times to the Fact Checker at the Washington Post to Yahoo.com. All say the boast is not credible, mostly because Trump inherited an economy in its eighth year of expansion with the lowest interest rates for such a boom in at least half a century.

Economist Larry Summers, director of the Mossavar-Ragmani Center for Business and Government at Harvard's Kennedy School of Government and a former Treasury Secretary under President Bill Clinton, told Bloomberg: "Hey, it's a preposterous claim," one that is "highly irresponsible for a president to make."