Trump's Economic Record in Shambles as GDP Growth Slows and Mortgage Rates Soar

Donald Trump's claims that the economy under his watch is 'thriving' and 'America is winning like never before' are at odds with recent economic data. The US economy has been experiencing a slowdown, with GDP growth reaching just 1.5% in the April-through June period, down from 2.1% in the first quarter.

Mortgage rates have also jumped to their highest level in a year, dealing another blow to a long-stalled housing market that shows little sign of recovering. The 30-year fixed rate averaged 6.66%, up from 6.58% the week prior, according to Freddie Mac.

Federal Reserve Chairman Jerome Powell's successor, Ken Warsh, has failed to deliver on Trump's promise of lower interest rates and has instead triggered an increase in mortgage rates. The bond market reacted negatively to Warsh's appearance at the Federal Open Market Committee meeting, with the 30-year Treasury yield jumping as much as 14 basis points to nearly 5.23%, its highest level since 2007.

Trump's economic policies have been widely criticized for exacerbating inflation and leading to a decline in living standards for many Americans. The personal consumption expenditures price index, which is the Federal Reserve's primary forecasting gauge, fell a seasonally adjusted 0.1% for the month, putting the annual inflation rate at 3.7%.