Trump nominates outspoken critic of Federal Reserve to its board

26 March, 2019, 05:16 | Author: Gerard Cortez
  • Stephen Moore a conservative commentator and former Trump campaign adviser has joined the president in criticizing the Federal Reserve

President Donald Trump on Friday said he is nominating former campaign adviser Stephen Moore to be a governor of the Federal Reserve - potentially putting a political loyalist in lockstep with Trump's view on juicing the economy into the middle of Fed deliberations heading into the 2020 election. The president later said in a tweet that Mr Moore is "a very respected economist" and said he has "no doubt he will be an outstanding choice".

The move comes just days after Moore penned an op-ed in the Wall Street Journal that echoed some of Trump's attacks on Federal Reserve Chair Jerome Powell's economic policy.

"What the law says, I believe, is (Trump) can replace the Federal Reserve Chairman for cause", Moore said during a December radio interview.

Given his sharply partisan reputation, Moore could spark opposition among Democrats in the Senate. None of the other members of the committee commented when contacted by Reuters about Moore's nomination.

The position would give Moore a vote at the policy-setting table of an institution whose interest rate hikes previous year were a frequent target of Trump's ire. In a speech in March 2019, he said the dot plot "has, on occasion, been a source of confusion", and he said he had asked an FOMC subcommittee "to explore ways in which we can more effectively communicate about the role of the rate projections".

The president has harshly criticized the Fed's rate increases last year even after the central bank this week announced that it foresees no hikes this year.

At the end of a two-day policy meeting, the Federal Open markets Committee (FOMC) said the move was meant to meet market expectations and reflected the central bank's patient approach regarding monetary policy changes.

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But he later added that "over time, obviously, we want to reduce that balance sheet and not have these massive amounts of debt on the Fed balance sheet".

Although Trump picked Powell to lead the Fed, starting in February 2018, it didnt take long for him to regret his decision. And he contended that this approach, if adopted, would help accelerate economic growth above 3 percent, compared with the longer-run average of 1.9 percent that Fed officials have forecast.

The central bank intends to slow the reduction of its holdings of Treasury securities by reducing the cap on monthly redemptions from the current level of $30 billion to $15 billion beginning in May, according to the statement.

"The Fed is sucking the oxygen out of the economy and has created an economically debilitating deflation", Moore told The New York Times recently.

"I'm going have study up" on that, he said.

Chairman Jerome Powell cited low inflation, a slowing global economy and risks like USA trade tension with China for the need to remain patient "for some time".



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