FED: Economy Slowing… Trump’s Potential Fed Nominee Reportedly Wants Rates at Zero

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via CNBC:

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  • The Federal Open Market Committee voted 9-1 to keep the benchmark rate in a target range of 2.25% to 2.5%.
  • The action sets up a possible confrontation between Fed Chairman Jerome Powell and President Donald Trump, who has been pressuring the Fed to cut rates.
  • The Fed dropped the word “patient” to describe its approach to policy.
  • The central bank also left the door open somewhat to future cuts.
  • Eight members favor one cut this year while the same number voted in favor of the status quo and one still wants a rate hike. Powell said in press conference some officials believe case for accomodation has “strengthened.”

 

Trump’s Potential Fed Nominee Reportedly Wants Rates at Zero

Judy Shelton said in an interview that, if appointed to the Fed, she would want to lower interest rates all the way down to 0%.

  • Judy Shelton said she “would lower rates as fast, as efficiently, as expeditiously as possible,” according to a report from The Washington Post on Wednesday.
  • Shelton is one of President Donald Trump’s possible picks for the open seats on the Federal Reserve board.
  • She served as an economic adviser for Trump during his 2016 campaign and told the Post that she had spoken with the White House about a role on the Fed’s board.

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