Economy

Powell Said to Tell Democrats Fed Won't Bend to Outside Pressure

Powell Said to Tell Democrats Fed Won't Bend to Outside Pressure”

President Donald Trump on Monday urged the Federal Reserve not to raise interest rates, but Fed officials are widely expected to do so this week despite the president's ongoing public effort to dissuade the USA central bank from putting any brakes on the economy.

House Speaker Nancy Pelosi slammed two of President Trump's proposed nominees to the Federal Reserve Board of Governors on Thursday, calling them "the worst, ill-suited appointments that the president could have come up with".

A top economic advisor to President Donald Trump said Friday that the government isn't trying to damage the independence of the Federal Reserve by appointing two of the close allies of Trump to the Fed board.

Kudlow noted the Fed was an independent central bank and said the Trump administration aimed to keep it that way. Pelosi said. "The Fed should be determining the rates, not any politicians, and that is a unsafe thing for an economy when the central bank of a country has. political influence".

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

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.

More news: English Premier League: Newcastle move closer to survival with win over Leicester

But while economists don't like Trump's Fed bashing, there are some who are starting to agree with the president that it's time for the Fed to hit pause on the rate hikes.

Powell caused the stock market to rally on November 28 when he added that he thought the Fed had taken rates to "just below" the so-called neutral rate of interest, which is a "Goldilocks" level that doesn't stimulate or contract growth. One of the four, Mitt Romney, said "the president would be wise to nominate someone who is less partisan and more experienced in the world of economics".

Jeffries, chairman of the House Democratic Caucus and a possible eventual successor to Pelosi, derided Trump's choice of Moore and Cain.

"I don't think I've ever really said anything much about the gold [standard]", he insisted.

Pelosi said politics played no role in Powell discussing his views on the economy at the Democratic retreat.

Powell spoke to a gathering of House Republicans in recent weeks at the invitation on Minority Whip Steve Scalise of Louisiana, according to Scalise's office.



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