Trump appoints US Federal Reserve critic Stephen Moore to his board of directors


Breaking News Emails

Receive last minute alerts and special reports. News and stories that matter, delivered in the morning on weekdays.

/ Update

By Dartunorro Clark and Lucy Bayly

President Donald Trump announced on Friday that he would appoint Stephen Moore, who criticized the Federal Reserve's policy and its current president, to one of two vacant seats on the board of directors.

"I will appoint Mr. Moore for the Fed," said Trump. "He'll be great."

Moore, 59, was previously a Trump 2016 Campaign Advisor and is currently a Visiting Fellow at the Heritage Foundation. He has also co-authored a 2018 book titled "Trumponomics: Inside the Forefront of America's Plan to Revive Our Economy".

The controversial choice underscores Trump's lack of confidence in the country's central bank. Moore, a member of the editorial board of the Wall Street Journal, wrote an editorial last week in which he criticized the Fed's "inexplicable" rate hikes and dismissed its economic growth forecasts as "nonsense."

"I have known Steve for a long time – and I have no doubt that it will be an exceptional choice!" Trump tweeted Friday afternoon.

Trump on Friday launched further criticism of President Powell, saying that GDP growth would have exceeded 4% had the central bank not raised its rates.

"If we had not had someone who raised interest rates and made quantitative tightening, we would have exceeded 4 [percent] instead of 3.1 [percent]Trump told Fox Business host, Maria Bartiromo, during an interview. "I'm not happy with that."

But economists say trade tensions and chaos in Washington amplify the effects of the economic downturn by undermining corporate and investor confidence.

The appointment requires the confirmation of the Senate.

This is a last-minute story, please check again for updates.


Source link