All year long, Hedgeye’s macro team has had a higher GDP forecast than Wall Street consensus. Not only were we higher than the forecast, we were the most accurate forecast.

And while President Trump might like to take full credit for accelerating U.S. growth, Hedgeye CEO Keith McCullough says no so fast. As he pointed out during a recent episode of The Macro Show, presidents don’t drive the economy.

“[The acceleration in growth] didn’t have to do with Trump,” McCullough says in the clip above. “It had to do with comparing against an economic recession in profit terms at the end of Obama’s reign.”

Incidentally, Hedgeye is predicting a third straight quarter of GDP over 3.0% on a headline basis.

“The economy drives the economy. Hardworking people drive the economy. The cycle drives the economy,” McCullough says. “So when you have something to compare against that’s easy, the probability goes up that you accelerate.”

Watch the clip above for more.

McCullough: ‘Presidents Don't Drive the Economy’ - early look