What did Donald Trump do today?

He shrugged at the prospect of a recession that will definitely not threaten him.

Appearing on Fox News this morning, Trump brushed off the suggestion that his policies were rapidly pushing the United States towards a recession, but didn't exactly deny it: "I hate to predict things like that. There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing. And there are always periods of, it takes a little time."

A "transition" away from a years-long period of economic growth, low inflation, and low unemployment is called a recession. The Federal Reserve is already warning that the American economy will contract in the coming quarter.

The US stock markets have given up all the gains since Trump's election, collapsing back to earth on fears of inflation and trade barriers, after rising on the expectation that Trump would slash corporate taxes.

Addressing this on Fox News this morning, Trump boasted that interest rates were down. He appears to be confusing the Federal Reserve rate with the yield on Treasury notes, which is down sharply in the past month—because that is what happens when investors flee from investment in businesses and park their money in government securities instead. 

Mortgage rates are down, too, and Trump has taken "credit" for that recently, but that's not good news either: banks are finding it harder to make loans because Americans are wary of making big purchases like a house.

Trump's estimated net worth is in the vicinity of ten billion dollars, which should leave him able to weather any recession somewhat more comfortably than most Americans.

Why does this matter?

• Recessions are bad and this shouldn't have to be explained to the President of the United States.