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.

Zion sparks Duke to runaway win in tourney debut
HOUSTON 84, GEORGIA STATE 55: Corey Davis scored 26 points to help third-seeded Houston to victory in the Midwest Region. Can the Wildcats do it again? The Cavaliers were the top overall seed previous year but lost 74-54 to 16th-seeded UMBC.

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".

Recommended:



Popular

Russian lawmaker proposes 'reset' in USA ties after Mueller report
House Speaker Nancy Pelosi of Calif., speaks at an Economic Club of Washington luncheon gathering in Washington , March 8, 2019. In his letter to lawmakers, Barr concluded that there was not enough evidence to move forward with such a charge.

Deepika Padukone’s acid attack survivor first look in Chhapaak out
If we scan through Laxmi's pictures, we realise that it's the jawline that was the most affected by the cruel acid attack. An epitome of beauty who got Khilji to fall in love with her with just one glimpse and battles were fought.

Apple to introduce news, gaming and video subscription service
Apple's latest initiative is trying to gain new ground in a marketplace catering to viewers' voracious appetite for programming. Indeed, there is still a lot we don't know about the service; but we do know that Netflix is not going to be part of it.

Israel strikes Hamas positions in Gaza after border bombs
In Gaza, Palestinians were bracing for retaliation as Israel closed its border crossings with the territory and access to the sea. Of the seven Israelis injured in the house on an agricultural community, three were children and all were members of one family.

Inside Kylie Jenner and Travis Scott's Family Dinner Date With Baby Stormi
Now Jordyn's glad that she's able to make it on her own since Kylie cut her out of her life . "She's feeling really thankful for everything".

Samsung's 5G smartphone launch set for April 5 to support government campaign
The video also shows us a glimpse of what Android 9 Pie looks like on the Galaxy Fold , but it's far from comprehensive. The price of the Galaxy S10 5G hasn't been revealed yet but per industry analysts, it could cost $1,332 in South Korea.

Nobody thanked me for John McCain's funeral: US President Donald Trump
The comments from McCain's daughters, two of the senator's seven children, come after multiple days of attacks by Trump. This content is published through a licensing agreement with Acquire Media using its NewsEdge technology.

Lionel Messi returns but Argentina lose 3-1 to Venezuela
Newcastle striker Salomon Rondon scored on six minutes before Jhon Murillo doubled the lead just before half-time. Lautaro Martinez scored Argentina's only goal of the game as he finished off a wonderful counter attack.

Backed Fighters Say Operation at Last Islamic State Enclave Not Over
In all, however, this does look like the defeat of ISIS for which the USA has been striving for over the past seven years.

Piping-hot drinks may up oesophageal cancer risk
The study of over 500,000 people found those who drink tea at 60°C or more were nearly twice as likely to develop the condition. It may be the temperature rather than the beverage causing the heightened risk, but the study didn't look at any other drinks.