No path for Trump's Federal Reserve pick Cain as four Republicans oppose

Kenny Grant
April 14, 2019

The chairman told the lawmakers that interest rates are at about the right level given current economic conditions and that the benefits of US economic growth haven't been as widely spread as the Fed would like.

Concerns about the Fed's independence have been exacerbated by Trump's announcement that he plans to nominate two political loyalists, businessman Herman Cain and conservative Stephen Moore, to the board, House Speaker Nancy Pelosi said.

Fed officials will conclude a two-day meeting on Wednesday, and Wall Street traders predict almost an 80 percent chance the Fed raises rates a quarter point this week, setting them at a range of 2.25 percent to 2.5 percent.

"I personally am very concerned about the independence of the Federal Reserve generally and the independence of its members specifically", number two House Democrat Steny Hoyer told CNBC. -China trade warfare that's contributing to slower expansion overseas.

Economists say solid hiring and wage gains that are small from Friday's jobs report for March probably are not enough to change the existing plans of the Federal Reserve to hold off to further interest rate hikes.

We'll now have to see if Trump follows up with another poorly qualified media figure, or lets Moore stand alone as a testament to his belief that talking on television is the only relevant qualification for any position, from president on down. "The Fed is an independent agency", she said.

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Even so, the Fed shouldn't have two seats given over to governors who will pander to the president, said Roger Lowenstein at The Washington Post.

The strikes on the Fed of trump hastened past year as the central bank increased rates.

In recent days Trump tried to take a slightly softer tone, telling Fed Monday leaders to "Take the victory!" of a solidly growing economy with "virtually no inflation" and not ruin all the good by raising interest rates.

Fox News has confirmed that there are now four GOP senators who would be opposed to Cain's nomination to the Federal Reserve's Board of Governors. Those rate hikes that was criticized his team and by Trump.

"I don't think I've ever really said anything much about the gold [standard]", he insisted. The Fed also said it intends to end the runoff of its balance sheet at the end of September.

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