With Trump insisting the US economy is "strong" in public, walking away from introducing the tax cuts he mooted on Tuesday and accusing the media of willing a recession into existence, he continues to bash the Federal Reserve and its chairman Jerome Powell on Twitter (despite appointing him) and has admitted that consumers could ultimately bear some of the brunt of his trade war with China.

Meanwhile, on Wednesday, the Congressional Budget Office said that the federal deficit will reach $960bn (£786bn) for the 2019 fiscal year and breach the $1trn (£819bn) mark in 2020. Those figures had been expected to come in at $896bn (£734bn) and $892bn (£730bn), respectively. Which has happened in spite of the US enjoying the longest economic expansion on record and its lowest jobless rate for 50 years.