Trump claims that the plot behind the recession warnings: report

President Donald Trump at a meeting with leaders of the auto sector in the Roosevelt Room of the White House last year in Washington.AP / Evan Vucci Photo

• President Donald Trump has privately expressed his concern that his opponents are exaggerating the prospects of a recession to undermine his chances of reelection in 2020, the New York Times reported Sunday.
• Frightened by economic data, the president last week asked financial executives for advice on the outlook for the US economy, according to reports.
• Some economists have cited a rare inverted yield curve in the bond markets and the global economic downturn that would indicate that a recession could be about to occur.
• Visit the Business Insider Home Page for more stories.

President Donald Trump has claimed in private interviews that opponents were conspiring against him to distort economic data and damage his chances of being re-elected in 2020, the New York Times reported Sunday.

Sources close to the case told The Times, on condition of anonymity, that the president had told his aides and his allies that opponents were seeking to deprive him of a major asset for the election campaign. 2020: the strength of the economy during his presidency.

Waved by economists' information and warnings about recessionary signals, the president privately said that "forces that do not want him to win" exaggerate the damage caused by the trade war to the economy. world, according to the report. Trump has repeatedly circulated conspiracy theories during his presidency, on topics such as the recent death of disfavored financier Jeffrey Epstein as well as on Hillary Clinton's private messaging server.

Read more: Trump is worried that a recession could reduce his chances of reelection, but officials are not gearing up openly for this eventuality, as they are afraid to light the fire.

Trump at a rally last year at Lewis Center in Ohio.AP Photo / John Minchillo

The president also sought to blame critics for data contained in tweets and public statements, saying last week that "the Fake News Media is doing everything in its power to annihilate the economy, believing that this would be bad for me and my reelection. "

He also criticized Federal Reserve Chairman Jerome Powell, a man he named at the head of the Fed and whom he described as "strong," "committed" and "smart" when He was named for the first time.

In a message received on Sunday, Trump has touted the strength of the US economy. In a statement to the press, he said the US economy outperformed other economies.

"The rest of the world, if you look at Germany, if you look at the European Union, frankly, look at the UK – I mean, look at a lot of countries – they are not doing well."

"China is doing badly," Trump added. "Some parts of Asia are doing badly, we are doing better than any country, or even any region in the world."

Fears of a recession intensified last week after the inversion of the yield curve of the US bond market, an indicator that often suggests an impending recession or a significant slowdown in economic growth.

An inverted yield curve occurs when it is less expensive for the US government to borrow for 10 years than for two years. This happens when interest rates on short-term bonds become higher because people are worried about short-term economic prospects and are reluctant to invest in short-term debt.

Read more: The yield curve has not been reversed, but signs of a recession could still persist

This comes amid a slowing down of the world's major economies, including China and the power of Europe, Germany. Part of this slowdown, especially in China, has been blamed by Trump's trade war economists.

Artyom Ivanov TASS via Getty Images

Some members of the Trump economic team, however, believe that the recession prospects are exaggerated, which reinforces the president, and that sales and employment figures as well as other data show that the US economy is expected to remain strong.

Average incomes increased by 3.2% in July compared to July, while non-farm payroll, the main measure of employment in the United States, increased by 164,000 jobs during the month.

"There is no recession in sight," said Larry Kudlow, White House Economic Advisor, in "Fox News Sunday."

"Consumers are working," he said. "Their wages are increasing, they are spending and they are saving."

Last week, however, the Washington Post indicated that some members of the administration were worried about an impending recession, but that they were not considering any formal plan in this regard , believing that it could help precipitate a crash.