President Trump doled out some investing advice on Twitter Tuesday morning.
“If you want your Stocks to go down, I strongly suggest voting Democrat,” he wrote, referring to the upcoming midterm elections. “They like the Venezuela financial model, High Taxes & Open Borders.”
Trump acknowledged that the stock market has taken a bit of a “pause” and that investors are on standby until the midterm election outcome passes.
In a second tweet, Trump quoted Scott Wren, Wells Fargo Investment Institute’s senior global equity strategist, who singled out the Fed for the reason behind the recent stock market declines.
“If the Fed backs off and starts talking a little more Dovish, I think we’re going to be right back to our 2,800 to 2,900 target range that we’ve had for the S&P 500.” Scott Wren, Wells Fargo.
— Donald J. Trump (@realDonaldTrump) October 30, 2018
Wren made these remarks during an appearance Tuesday on Fox Business Network’s “Mornings w/ Maria” show hosted by Maria Bartiromo.
Wren, a frequent market commentator, told Yahoo Finance that he was surprised to be mentioned in one of Trump’s tweets.
“It’s more than a bit of a surprise,” he said, referring to the tweet. “In my opinion, the two biggest risks are the Fed making a mistake and/or global growth slowing — both have contributed to this selloff.”
The Fed has raised interest rates three times so far this year and has telegraphed a fourth hike in December.
In recent media interviews, Trump has called the Fed “crazy” and “too cute” when referring to its pace of rate hikes.
Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.