Trump calls Federal Reserve to cut interest rates

Darnell Taylor
April 14, 2019

The chairman told the lawmakers that interest rates are at about the right level given current economic conditions and that the benefits of USA economic growth haven't been as widely spread as the Fed would like.

Representative Brad Sherman said Powell emphasized the Fed's independence and also talked about how US debt and deficits are unsustainable in the long term.

With four Republican U.S. Senators now announced against the proposed nomination of Herman Cain to be a governor of the Federal Reserve Board, talk on Capitol Hill was growing Thursday evening that the president will soon scrap any plans to formally name the 2012 Republican presidential hopeful and onetime Godfather's Pizza CEO to the Fed.

"President Donald Trump is calling on the Federal Reserve to start cutting interest rates, saying the economy will take off as a" rocketship" when the Fed begins loosening policy.

Economists and critics have expressed concerns about loyalists of Republican Trump serving on the traditionally nonpartisan central bank. Moore and Cain would likely be similarly beholden to Trump. "We have a very clear in black-and-white mandate assigned to us. which is maximum employment and price stability", not maximizing the growth rate of gross domestic product, he said.

Controversy over Cain's possible nomination, as well as that of economic commentator and Trump supporter Stephen Moore, continued on Thursday.

The president nominates members to the Fed's seven-member board of governors.

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Fed officials continue to deny that Trump's tweets and criticisms are having any impact on monetary policy.

Central bank "capture" by national leaders has been blamed for a variety of economic ills, from hyperinflation to runaway debt used to finance projects in hopes of winning reelection.

Those rate hikes that was criticized his team and by Trump.

"You don't want to have someone on the Federal Reserve Board who is overly malleable and influenced by the President".

We'll now have to see if Trump follows up with another poorly qualified media figure, or lets Moore stand alone as a testament to his belief that talking on television is the only relevant qualification for any position, from president on down. "He's not a political person in any way", she said.

"Yeah", said Moore in 2016.

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