Trump offers Fed board seat to Stephen Moore | #116650

Trump offers Fed board seat to Stephen Moore | #116650

The US Federal Reserve on Wednesday left its policy interest rates unchanged, following what it said a slowing of economic activity from a robust fourth quarter 2018. The president later said in a tweet that Moore is "a very respected Economist" and said he has "no doubt he will be an outstanding choice".

Moore advised Cain on his so-called "9-9-9" tax plan in 2011, which would have replaced much of the USA tax code with a flat 9 percent tax on sales transactions as well as corporate and individual income. After months of the President's hectoring about interest-rate hikes, Powell in January put monetary policy on hold, then dined with him at the White House a few days later.

While Moore has sided with Trump in chastising the Fed for raising rates, he has in the past been just as vocal in critiquing the central bank for not raising them.

Trump remarked to Kudlow that he should have appointed Moore to be Fed chairman, the people said and directed Kudlow to call Moore and gauge his interest in a board seat. The nomination could test just how successful Powell has been in his aggressive courting of lawmakers in his first year as Fed chair. The biggest question will be whether the Republicans who have regularly met with Powell agree to advance someone who has publicly chastised the head of the Fed and agreed that Trump has the power to fire him.

"I'm not sure about that", said Moore, asked whether the Fed should cut rates.

"His policies appear to be going the wrong way", Sumner said.

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The 6-3 Carey has been used far more sparingly, but he said recently, "I've always been the guy who works hard and is ready for my name to be called".

In the op-ed, Moore also suggested the Fed stabilize the value of the dollar by adopting a commodity price rule. And he tapped Powell, who had been chosen for the Fed board by President Barack Obama, to succeed Janet Yellen as chairman.

"Skeptics in an out of the Fed still think sustained 3 per cent to 4 per cent growth is out of reach", Moore, 59, co-wrote in a March 13 op-ed in the Wall Street Journal. In the article Moore argued that the Fed's rate hikes promoted deflation and described the central bank as the "last major obstacle" to the United States staying on a good path.

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

Moore had earlier predicted in 2010 that the Fed's low rates would ignite inflation, and he advised investors to buy gold.

With Trump as president, Moore became a sharp critic of Fed policies to shrink its balance sheet and return rates to what the central bank sees as a neutral level - neither stimulating nor hindering growth. "The law is clear that I have a four-year term, and I fully intend to serve it", he said. He also praised Moore on Twitter. His partner on that book was Art Laffer, who pioneered the Republican doctrine that lower tax rates would accelerate economic growth in ways that could minimize debt.