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Trading in modest ranges after yesterday's volatility. president trump looking to soothe the whiplash assuring today in a radio interview he's got a handle on all of this. >> the economy is phenomenal right now. with a normalized interest rate, we're doing phenomenal. we had a couple of bad days, but we're having -- we're going to have some very good days because we had to take on china. it should have been done long before i came along, but i'm the one that gets stuck with it and i'm the one that's gonna do it. and we're making tremendous progress. china, frankly, would love to make a deal. >...

And the recession will take on its own dynamic and no matter what he does, he won't be able to turn it around. >> do you have a clock for that, a reasonable clock saying that you better calm things down by date x or else we're at the point of no return? >> i think it's in the next few months. i think the key here is what businesses decide to do with all of this. if they -- they have already cut back on their investment. that has flatlined since the trade war began a little over a year ago. they are starting to become more cautious in their hiring. job growth has slowed quite sharply since this...

Holding us back. mark zandy joins us live from westchester, pennsylvania. mark, let's set the tweets aside for a second. we now have now a very real, more real prospect of recession. on noneconomic terms, are there pieces on the chess board that the president or any other policy maker can move to prevent that, or are we getting close to the point where the snowball is going down the hill and you just can't stop it? >> yeah, sure, the president could tweet that he had a call with president xi of china and they came to some kind of arrangement and they're going to wind down the trade war. i don'...

Person in the united states, it would be the president and his unpredictable tweets. which would you pick? >> this is not complicated at all. this is president trump's fault. the fed, poor fed, they're trying to follow this guy around. he's gone from here to there and everywhere else and created all this uncertainty and the fed is trying to calibrate monetary policy, interest rates, to offset the bad policy he's putting in place. so it has nothing to do with the fed. this has everything to do with the very poor trade policy that the president is pursuing. >> mark zandi, appreciate your insight...