Bummed Out Larry Kudlow Slams ‘Election Gift’ to Kamala Harris After Markets Hit Record High

Fox Business host Larry Kudlow reported on the U.S. markets closing at record highs on Thursday but noticeably appeared bummed out by the news.

“So day after Fed Chairman Jay Powell sent Kamala Harris a 50 basis point election gift and completely contradicted himself on the economy. Whatever. The stock market roared. Okay,” Kudlow said with a shrug.

“Our own Gerri Willis on this story. Gerri, what’s cooking?” Kudlow said as he turned it over.

“Well, stocks are higher. Stocks surging today on hopes for a soft landing for the economy after the Federal Reserve slashed the Fed funds rate yesterday, 50 basis points. The Dow in market action today up 522 points. The S&P up 95. The Nasdaq up 440. All three major averages hitting all-time highs after the best day for markets since August 5th,” Willis reported, adding:

That is the rally also lifting small-cap stocks as investors’ risk appetite was whetted by the Fed’s accommodative stance. Nearly every sector rising, tech and consumer discretionary, of course, but also the stocks index, that’s semiconductors rising 4.8%, banks and energy higher as well.

Meanwhile, markets are expecting more gas fully pricing in a 25 basis point cut when the Fed meets in November. 42% of investors say it will be another half-point cut. Maybe the other critical number I should mention here, the 30-year fixed rate mortgage moving to 6.09%, down 11 basis points. Back to you.

“All right. Good report. Gerri Willis, thanks very much. All good for the Kudlow Trust. On the other hand, Jay Powell, 50 bips given to Kamala Harris isn’t a plan. And that’s the subject of the riff,” Kudlow added, introducing his monologue.

“No matter how political that Chairman Jay Powell may be with his 50 basis point selection gift to Kamala Harris, the person who helped the American economy the most was Donald Trump during the pre-pandemic first three years of his administration. New census numbers show real median income growth during Mr. Trump’s pre-pandemic first three years compared to Joe Biden’s overall take-home pay for typical families increased more than five times as much under Mr. Trump than under Biden, up $6,000.40 for Trump versus just 1050 bucks under Biden-Harris,” concluded the former Trump economic advisor turned broadcaster.

Notably, Powell was appointed by Trump to chair the Fed in 2018 and is a registered Republican.

Watch the clip above via Fox Business.