Charles Payne Says Biden-Harris Economy ‘Had A Lot Of Red Flags’ Before Fed Rate Cut

Fox Business host Charles Payne on Wednesday asserted the economy had many “red flags” ahead of the Federal Reserve announcing it will lower its federal funds rate target range by 0.50%.

The Fed’s move follows inflation dropping to 2.5% last month and weaker-than-expected job growth in  July and August. Payne, on “Making Money with Charles Payne,” noted three negative economic indicators heading into the Fed’s decision to cut rates.

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“Let’s talk about historically now. Okay, our first rate cut, going back 14 recessions … Unemployment rate in the past year, typically going into an unemployment rate with the recession, right, up 9% without a recession, down 10% … The unemployment rate is rising so much faster than normal before first rate cut,” Payne said. “Real GDP, this is actually pretty good.”

Payne was standing in front of and referencing a chart by The Kobeissi Letter, which publishes commentary pertaining to the global capital markets.