Tuesday, 23 April, 2019

Under Donald Trump, Fed faces politicization

Stephen Moore Enlarge Image Stephen Moore Getty Images
Russell Knight | 09 April, 2019, 20:10

The Fed has traditionally been insulated from politics, but Trump has heaped pressure on its chairman Jerome Powell to ease interest rates to keep the United States economy fired up.

But Kudlow said Trump favors Cain and Moore because they share his view that, in the absence of inflation, the central bank should continue to stimulate the economy with low interest rates.

The US Federal Reserve has regularly faced criticism from President Donald Trump, but in recent days the President took matters into his own hands - raising concerns that the Fed is being politicised. Instead, there was "worry that the central bank is not taking account of a weak world economy, some financial tightening in the marketplace", and made monetary policy too restrictive. "I'm saying we have two open seats on the board". Keeping inflation under control is a key mission of the Fed, and higher rates help do so by discouraging borrowing and spending.

The Fed said it was weak inflation, weakening global growth and financial volatility that led it past year to put further rate increases on hold and shift other policies as well.

"I happen to think that's a terrific point".

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Kudlow, in the first of two scheduled TV interviews for the day, didn't directly call for a change in Fed interest rate policy, as he and Trump have done recently.Even so, he said he's anxious that US monetary policy makers aren't taking into account weakness in the global economy, or the absence of inflation. "He can appoint whoever he wants to the Fed", added Mr Duy. "This is not a political issue".

Cain acknowledged that he might not make it through the nomination process.

Some worry that Trump is trying to sway the Fed with his picks.

But nominating Cain, the former CEO of Godfather's Pizza, to the board also raises the possibility of Capitol Hill testimonies regarding sexual harassment allegations against Cain, which ultimately derailed his 2011 bid for the Republican presidential nomination. "They have to collect an inordinate amount of information on you, your background, your family, your friends, your animals, your pets, for the last 50 years", Cain said.

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