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3/25, 9:44 PM (Source: TeleTrader)
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Trump's Fed pick hints at cutting rates by half point

Stephen Moore, President Donald Trump's nominee for a seat on the United States Federal Reserve System's board, told the Wall Street Journal on Monday that he regrets being "harsh" by calling the central bank's Chair Jerome Powell "totally incompetent." However he cited the policy's switch in the perceived trajectory for economic growth, interest rates and inflation as proof he was right to criticize the institution's increases in borrowing costs. The potential governor even expressed belief the Federal Open Market Committee should consider reversing the last two increases in the target range of a quarter of a percentage point each.

On the other hand, he urged against further quantitative easing and stressed the rate-setters need to focus on stability in prices and exchange rates. Acknowledging he was wrong earlier to be concerned about the possibility of runaway inflation, the Heritage Foundation fellow pointed to the downward pressure in the latest drop in market valuations in the commodity sector on a global scale.

Moore asserted he is "a big fan" of Trump but also added the imposition of tariffs on import steel was wrong.

Breaking the News / IT