Trump lashed out on the spot: The Federal Reserve has turned the market into a madhouse! Good data becomes bad news—what kind of logic is that?

The August nonfarm payrolls data came in three times above expectations, yet Trump rarely erupted at a rally. The target of his anger was not the Democrats, nor the media, but the Federal Reserve and the logic of the market itself.

“When you have bad data, the stock market goes up because their way of thinking about inflation is stupid—growth does not cause inflation; stupidity causes inflation!” That statement carries enormous weight, essentially accusing the entire mindset of the Fed and market analysts of being flawed.

Trump’s logic is simple: a strong economy = strong national credit = lower interest rates should be appropriate = stocks should rise. That was common sense 25 years ago. But now it’s completely reversed—good data has become synonymous with “inflation risk,” which in turn makes the Fed afraid to cut rates, and the market follows suit, nervously falling. This kind of logic is not serving the economy; it is punishing growth.

When Trump said, “25 years ago, when good data came out, stocks would rise,” he was both reminiscing and mocking—today’s market has lost its basic judgment. His final line, “We have to change our way,” was not just directed at the Fed, but at all investors: stop being led around by wrong expectations; the U.S. economy is not that fragile.

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