Is it the Federal Reserve’s rate hikes that explain the slowdown in US growth?

In the United States it is sometimes claimed (including by Donald Trump) that the slowdown in US growth is due to the Federal Reserve’s rate hikes ( to 2 . 5%, cut in end-July 2019 to 2 . 25%). Is this theory credible? To answer this question, we will look at what demand components (exports, household consumption, housing investment, corporate investment, public spending, change in inventories) account for the slowdown in growth, and if interest rates may have played a role in the slowdown in these components. We see that the ro l e of the rate hikes in the slowdown in US growth is limited as it concerns only housing investment. The major shock is the fall in US exports, which cannot be blamed on interest rates.