Trump has offered conservative economist Stephen Moore a seat on the Federal Reserve board, choosing a nominee who shares his view that the Fed is an obstacle to economic growth
President Donald ., a very respected Economist, will be nominated to serve on the Fed Board," Trump tweeted today. "I have known Steve for a long time – and have no doubt he will be an outstanding choice."Moore, a visiting fellow at the Heritage Foundation, is being vetted for the position, according to a senior administration official.
The president’s selection of Moore, who is also a regular contributor to CNN, indicates that Trump is looking for a more sympathetic voice on the Fed. The president has lambasted the central bank for months over its interest rate hikes and the reduction of its multitrillion-dollar bond holdings — both of which can make it harder for borrowers to obtain credit.
If confirmed, Moore would become the fifth Trump appointee to sit on the Fed’s seven-member board, including Chairman Jerome Powell, wo has been the target of much of the president's wrath. Businessman Herman Cain, a former Republican presidential contender, is still under consideration for the Fed’s other open slot, the administration official said.The 2020 Election. The New Congress. The Mueller Investigation. Be in the Know.
That’s in contrast to the Fed’s latest projection of 2.1 percent growth for this year, which is more in line with forecasts from private-sector economists. Fears about slowing growth contributed to the Fed’s message this week that it might not raise rates at all this year. “The last major obstacle to staying on this path is the deflationary monetary policy of the Federal Reserve,” Moore and investor Louis Woodhill wrote, arguing that the Fed’s most recent rate hikes in September and December “caused a severe dollar shortage, a fall in commodity prices, and a rapid slowing of growth — accompanied by wild swings in the stock market.
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