President Donald Trump dismissed concerns about the recession, leaning toward a more optimistic outlook, Reuters reported.

“We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money,” Trump said on Sunday.

White House chief economic adviser Larry Kudlow denied fears of an impending recession. “There is no recession in sight,” Kudlow said. “Consumers are working. Their wages are rising. They are spending and they are saving.”

Last month, the Federal Reserve reduced its base rate by a quarter-point to a range from 2% to 2.25%. This is the first-rate cut since December 2008 during the Great Recession. Federal Reserve Chairman Jerome Powell noted that the Fed is concerned about the consequences of Trump's trade war and a sluggish economy abroad.

“Weak global growth and trade tensions are having an effect on the U.S. economy,” he said.