Economy

White House's Kudlow says Jerome Powell can turn into good Fed chairman

White House's Kudlow says Jerome Powell can turn into good Fed chairman

"The Fed is an independent agency", she said. Trump has repeatedly berated the Fed chairman, Jerome Powell, demanding the Fed lower interest rates to boost the economy.

President Donald Trump announced last week his intention to nominate Cain, a political ally and former 2012 Republican presidential front runner. "We check our political identification at the door".

The president has said privately that he knows Cain will have trouble getting confirmed to the Federal Reserve Board, people familiar with the matter said Thursday. Those rate hikes that was criticized his team and by Trump.

The hikes have slowed some segments of the economy, such as housing, but overall the expansion continues along with low unemployment and prices near the Fed's 2 percent target.

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.

According to Bloomberg, the idea of reverting back to the gold standard is extremely unpopular among economists but has captured Trump's attention.

"I'm just saying we believe they went too far".

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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.

Even without having yet been formally nominated, Cain drew criticism from GOP senators.

When asked by reporters on Wednesday if Cain's nomination is safe, Trump suggested Cain will decide if he steps aside.

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

"I think my qualifications stand up pretty well", he said.

The Fed has always been subject to politics, said Neil Irwin at The New York Times - after all, the president appoints its board of governors. Cain this week waded into the debate to say that he was being attacked because "I am an outspoken voice of conservatism". But they're likely to have zero influence on the rest of the board.

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.