Trump to nominate Fed critic Stephen Moore to the Fed

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Steve Moore

If confirmed by the Senate, Moore would fill one of two vacancies on the Fed's board.

In a conference at the San Francisco Fed on Friday, Raphael Bostic, president of the Atlanta Federal Reserve, said all options are still on the table regarding interest rates. "One of the things that will be really interesting for me is to hear the case, look at their data and then help make the decision about whether we're too tight or too loose".

Nominees for the job are subject to Senate confirmation.

America's secretive central bank - announced it had no plans to raise interest rates during 2019 (and would probably hike rates just once in 2020). He's been a Fed guy for many years.

Moore is a visiting fellow for Project for Economic Growth at The Heritage Foundation.

Moore, 59, previously served as a Trump 2016 campaign adviser and is now a visiting fellow at the Heritage Foundation.

Under fire from Trump, Powell has tried to communicate directly to a broader audience of Americans, appearing on the CBS News programme 60 Minutes and doing town-hall discussions in an effort to demystify what his institution does.

After the Wednesday announcement, financial markets, which had already priced out any chance of a rate hike this year, began pricing in the likelihood of a rate cut next year.

"The people on the Federal Reserve board should be thrown out for economic malpractice", Mr Moore said oin December on Red Apple Group chairman and chief executive John Catsimatidis's radio show, blaming an end-of-the-year stock market swoon on the Fed's rate increases.

But he added, "over time obviously we want to reduce that balance sheet and not have these massive amounts of debt".

Moore has often embraced a confrontational tone in his commentary on the Fed.

Trump picked Moore after speaking with him to compliment him on an opinion article he co-authored in the Wall Street Journal, that newspaper reported earlier, citing a senior administration official.

This approach, Moore has argued, would have prevented the Fed from raising rates as much as it has.

Trump's White House Council of Economic Advisers (CEA) released an analysis in 2017 showing that slashing corporate taxes by 15 percent would lead to GDP growth of 3 to 5 percent.

The central bank intends to slow the reduction of its holdings of Treasury securities by reducing the cap on monthly redemptions from the current level of $30 billion to $15 billion beginning in May, according to the statement.

In light of global economic and financial developments and muted inflation pressures, the committee said it would go slow on future adjustments to the target range for the federal funds rate and would take decisions at the appropriate time to support those outcomes.

Powell has said the Fed took those decisions without regard to politics but purely in response to slowing global and US growth and low inflation.

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