Herman Cain expected to withdraw from Fed Reserve Board of Governors consideration

Herman Cain expected to withdraw from Fed Reserve Board of Governors consideration

"We'd have a standard on which to base our money", Trump said back in 2016.

Elected officials and interest groups on both sides of the political aisle voiced support for Powell, and for the need to keep the Fed at arms length from the influence of politicians in its interest rate decisions.

President Trump is mulling another controversial nominee to the Federal Reserve's board of governors: former GOP presidential candidate Herman Cain, said Nick Timiraos and Alex Leary at The Wall Street Journal.

The issue was also percolating through the annual meetings of the International Monetary Fund and the World Bank, institutions whose largest shareholder is the United States.

"How do you see the Fed's independence, given what appears to be political persuasion trying to guide policy from outside the building?". "Growth does not cause inflation", he said.

"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.

Earlier Thursday, House Speaker Nancy Pelosi said elevating Cain and Moore to the Fed would risk politicizing the nation's central bank and endangering the economy.

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In its latest economic projections released in March, the Fed cut its forecast of the US economic growth in 2019 and 2020, expecting a rate of 2.1 percent and 1.9 percent, respectively. Another 12 members of the Federal Open Market Committee, which sets interest rates, head regional banks and are chosen by local boards of directors, not the president.

Investors and the White House will be watching carefully Wednesday for what the Fed and leader Jerome Powell indicate is likely to happen in 2019.

Powell caused the stock market to rally on November 28 when he added that he thought the Fed had taken rates to "just below" the so-called neutral rate of interest, which is a "Goldilocks" level that doesn't stimulate or contract growth.

"I just don't think of it", said Mary Daly, president of the San Francisco Fed, in an appearance last week on PBS NewsHour. "That doesn't mean we can't express our opinions periodically".

If both Cain and Moore are confirmed, that would put two loyal "Trump supporters on the central bank's powerful seven-seat board", who could accede to Trump's demands for economic stimulus with little regard for long-term consequences.

"Yeah", said Moore in 2016.

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