On Sunday, President Donald Trump said something surprising on Fox News.
He said he wasn't going to rule out a recession.
Are you expecting a recession this year?
I hate to predict things like that.
There is a period of transition because what we're doing is very big.
We're bringing wealth back to America.
That's a big thing.
And there are always periods ofit takes a little time.
It takes a little time.
His statement marked a shift in the message coming from the White House.
Trump has promised a sweeping transformation of the American economy,
one that makes America affordable again.
But now the messaging is that implementing that vision could cause some short term pain.
Here's Treasury Secretary Scott Bessant on cnbc.
The market and the economy have just become hooked
and we become addicted to this government spending
and there's going to be a detox period.
Already the economy is seeing some signs that that pain is here.
Consumer confidence is down nearly 10% from last month.
The Dow plunging nearly 750 points.