"Meanwhile, Trump took a separate blow as Stephen Moore, picked by the president for a seat on the Federal Reserve Board, pulled out of consideration for the post after saying he disagreed with the president’s call this week for a sharp cut in interest rates." - Bloomberg
I was wondering when someone would point out the clownish hypocritical assertion of the president that "this is the greatest economy in the world AND the Fed should sharply reduce interest rates."
don't know where you got your info but actually Moore reluctantly withdrew his nomination after being hounded by bunch of hypocrites libs for weeks about silly crap that happened 25 years ago....sound familiar? Libs still fighting the last election week after week all because a witch could not lose gracefully
NPR softpedals it, but essentialy confirms Mc's statement. It also confirms Sam's blinding bias in all things Trump. "ANYONE who disagrees with Trump on ANYTHING is showing integrity".
But let's get back to the alleged mission of the FED. They are designed to control inflation by controlling the money supply. Period. That's it. They look at assorted eco-measures and decide what the threat of inflation may be and take steps to reduce/eliminate the threat.
An intelligent argument can be made that 7 rate hikes in 2 years, an unprecedented event, may have been a bit aggressive and an easing could be justified as there is no threat of inflation above the target rate and, In fact, some sectors of the economy are showing signs of struggle.
Another side of the argument, one supported by Sam, is "We can't have a stronger economy going into the next election!!!!!".
Of course, to embrace this argument, your agenda cannot place the well being and prosperity of the country and your fellow citizens anywhere near the top of priorities list.
Moore's actual statement, from Sam's article.
"Prior to his withdrawal, Moore said Thursday in an interview on Bloomberg Television that “I’m not so sure I agree with the White House that we should cut rates by an entire percentage point,” adding that “I just don’t see the case for that right now.”
Moore continued, however, to characterize the Fed’s December rate hike as “economic malpractice” in a separate meeting with reporters and editors at Bloomberg News, adding that he had no objection with the Fed’s decision on Wednesday to leave rates unchanged. He also said he was “all in” on getting onto the Fed and gave no indication he was pulling out.
“What they did yesterday is fine,” he said. “But I do think the Fed has been too tight in the last six months.”
Does not sound like a guy dead set against a rate cut.