Today, January 28, 2026, President Trump has been making headlines for his comments regarding the weakening U.S. dollar and his broader economic performance during a series of appearances in the Midwest.
His remarks have sent ripples through global markets, particularly affecting currency and gold prices. Here is the breakdown of what he said and its impact:
1. "The Dollar's Doing Great" (Even Though It’s Dropping)
Despite the U.S. dollar hitting a four-year low this week, Trump dismissed concerns about its decline.
The Quote: When asked if he was worried about the currency’s slide, he told reporters, "No, I think it’s great. Look at the business we’re doing. The dollar’s doing great."
Market Reaction: Traders interpreted "it's great" as a signal that the administration prefers a weaker dollar to make U.S. exports more competitive. This triggered further selling of the dollar, causing it to drop another 0.2% this morning.
2. Touting Stock Market Record Highs
Speaking at a rally in Clive, Iowa, yesterday and continuing the message today, Trump shifted focus to the equity markets to counter criticism over recent geopolitical tensions.
Claims: He hailed the current record highs in the stock market as proof that his "tax cuts and tariffs" are working.
The "Rich People" Comment: In his signature style, he remarked, "I made a lot of people rich that I don’t even like… I’ve doubled their net worth."
3. Attack on the Federal Reserve
As the Federal Reserve meets today for its first interest rate decision of 2026, Trump has ramped up pressure on Chairman Jerome Powell.
He has publicly demanded rate cuts, despite the Fed's traditional independence.
Markets are on edge because his comments come amid a backdrop of a Department of Justice investigation into Powell regarding central bank headquarters renovations, which many investors view as political pressure.
4. Housing and "Affordability"
Trump also highlighted a recent Executive Order aimed at the housing market.
He claimed he is "making it easier to buy a house" by banning large institutional investors (Wall Street firms) from buying up single-family homes.
He dismissed the word "affordability" as a "fake word" or "hoax" used by Democrats, even as he touted his own policies to lower costs.