Tag: Federal Reserve Board

Fed officials see GDP, inflation rising higher in 2021

The Hill logo

Federal Reserve officials see economic growth and inflation rising higher in 2021 than they expected earlier this year, according to economic projections released Wednesday.

Members of the Fed board and presidents of reserve banks, which together make up the Federal Open Market Committee (FOMC), largely see the pace of the rebound from the coronavirus pandemic accelerating deeper into the year. 

The median estimate of 2021 gross domestic product growth from FOMC members rose to 7 percent from a projection of 6.5 percent in March. The median estimate of annual inflation also rose to 3.4 percent from 2.4 percent in March, while the median estimate of unemployment remained unchanged at 4.5 percent. Continue reading.

Republicans expect Trump to withdraw controversial Fed nominee

The Hill logoSenate Republican sources expect President Trump to withdraw his nomination of Judy Shelton to serve on the Federal Reserve Board following bipartisan resistance on Capitol Hill.

The White House has not made a final decision, since Trump would first need to sign off on the reversal, but Republican sources say it would be “desirable” for her to withdraw from consideration and that her nomination is “trending” in that direction.

“She’s being pulled,” said a Republican senator. Continue reading.

Yes, Trump’s latest Fed pick is that bad. Here’s why.

Washington Post logoOkay, she’s bad. But hopefully she won’t be that bad.

Such is the damningly faint praise Senate Republicans have offered President Trump’s latest unfit nominee for the Federal Reserve Board, Judy Shelton, ahead of her confirmation hearing Thursday.

To be clear: As these senators are aware, there are many reasons why this goldbug and Trump economic adviser would, in fact, be that bad. First and foremost is that she threatens the Fed’s political independence, which is necessary for the central bank to function effectively. Continue reading.

Trump Fed Board pick says opponents are ‘pulling a Kavanaugh against me’ as more of his controversial writings surface

Stephen Moore, President Trump’s planned nominee for a seat on the Federal Reserve Board, on Tuesday said his opponents are “pulling a Kavanaugh against me” amid new revelations about columns in the 2000s in which he made derogatory statements about women, called for former Georgia governor Sonny Perdue (R) to be impeached and made a joking reference to AIDS.

Moore is also coming under scrutiny for saying in 2016 that it would be a “betrayal” for Trump to pick former Massachusetts governor Mitt Romney (R) to be secretary of state. Romney now represents Utah in the Senate, which would have to approve Moore’s nomination if he is to be confirmed to the position.

And a 2014 comment by Moore that Cincinnati and Cleveland are “armpits of America” drew a rebuke from Sen. Sherrod Brown (D-Ohio), who wrote a letter to Moore on Tuesday calling the remarks “disqualifying” and demanding that he provide a list of other towns that he would describe as “armpits.”

View the complete April 23 article by Felicia Sonmez on The Washington Post website here.

Cain withdraws from Fed consideration

President Trump said Monday that former Republican presidential candidate Herman Cain has withdrawn from consideration to be nominated to the Federal Reserve Board amid GOP senators’ intense opposition.

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes. Herman is a great American who truly loves our Country!” Trump tweeted.

Four Republican senators said they would not support Cain, all but dooming his chances of confirmation. The decision marks a setback for Trump’s effort to install allies at the central bank, which has traditionally been independent of politics.

View the complete April 22 article by Jordan Fabian on The Hill website here.

Trump Says He Wants Herman Cain, Former Pizza Executive, for Fed Board

WASHINGTON — President Trump said on Thursday that he planned to nominate Herman Cain, who abandoned his 2012 presidential bid in the face of escalating accusations of sexual misconduct, for a seat on the Federal Reserve Board.

Mr. Trump, speaking from the Oval Office, called Mr. Cain, the former chief executive of Godfather’s Pizza, “a truly outstanding individual” and said, “I’ve told my folks that’s the man.”

The decision to consider Mr. Cain is the second time in weeks that the president has floated candidates with deeply held political views and past ethical issues to fill a seat on the Fed, signaling his intent to put allies on a traditionally independent body. It comes as Mr. Trump has continued to attack the Fed and his handpicked chairman, Jerome H. Powell, for raising interest rates in 2018, saying those moves slowed economic growth.

View the complete April 4 article by Alan Rappeport, Neil Irwin and Maggie Haberman on The New York Times website here.

Trump says he’ll nominate Stephen Moore to Fed board

President Trump announced in a Friday tweet that he plans to nominate conservative economist and 2016 campaign adviser Stephen Moore to the Federal Reserve board.

Our thought bubble, via Axios’ Courtenay Brown: If nominated and confirmed, Moore, who previously called Fed Chairman Jerome Powell incompetent, would fill one of the two vacancies on the Fed’s board of governors. Trump has not backed down on his unprecedented criticism of Powell, even though the Fed has indicated it will pause interest rate hikes — one of Trump’s gripes with the Fed.

Go deeper: Trump works to fill out the Fed board

View the March 22 post on the Axios website here.