Trump Taps Conservative For Federal Reserve Board

26 March, 2019, 05:16 | Author: Frank Williams
  • Donald Trump's Economy Is Cooling

President Donald Trump said Friday that he will nominate Stephen Moore, a conservative economic analyst, to fill a vacancy on the Federal Reserve's seven-member board.

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.

"I am open to all possibilities as we aim to support sustained economic expansion, strong labour market conditions, and inflation near the Committee's symmetric 2 percent objective", Bostic said, referring to the policy-setting Federal Open Market Committee.

Given his sharply partisan reputation, Moore could spark opposition among Democrats in the Senate.

Moore, interviewed Friday on Bloomberg television after Trump's announcement, said his criticism of the Fed, including his suggestion that Powell should perhaps be fired, were "probably written in a time of anger". The position would give him a vote at the policy-setting table of an institution whose interest rate hikes a year ago were a frequent target of Trump's ire. Further complicating things, of the 12 regional Fed presidents, only five are voting members of the FOMC in any given year.

Now, Bostic is emphasizing he hasn't ruled out possible rate hikes later in the year, citing inflation or labor market decline as two data points that could trigger rises. That is a shift by the president, who had previously opted for Republican establishment Fed candidates including Mr Powell, vice chairman Richard Clarida and vice chairman for supervision Randal Quarles.

Although Trump picked Powell to lead the Fed, starting in February 2018, it didnt take long for him to regret his decision.

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Moore has often embraced a confrontational tone in his commentary on the Fed.

This approach, Moore has argued, would have prevented the Fed from raising rates as much as it has. Wall Street cheered Janet Yellen's decision to keep the cheap dollars flowing.

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

"The Fed may still suffer some "losses" on these securities sales, but the danger of future inflation and political pressure outweigh the consequences of these losses", he wrote. Forecasts released at the end of its two-day policy meeting showed 11 of the Fed's 17 policymakers anticipate no rate increases this year, compared with just two who had that forecast in December.

"Presidents certainly use appointments to shape monetary policy -if the Senate is willing to go along, that is", said Sarah Binder, an economics professor at George Washington University.

Powell has said the Fed took those decisions without regard to politics but purely in response to slowing global and US growth and low inflation.

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