Trump escalates feud with Fed by picking political ally

President Donald Trump talks with reporters before boarding Marine One on the South Lawn of the White House Friday

As if to accentuate the impression that he values political loyalty and ideology over all other qualities, Mr. Trump on Friday announced his intention to nominate tax-cut promoter Stephen Moore, formerly of the Trump campaign, Republican congressional staff, the Club for Growth and the Wall Street Journal editorial page - and now of the Heritage Foundation - to one of two vacancies on the Fed's seven-member Board of Governors. "I have known Steve for a long time - and have no doubt he will be an outstanding choice!" the president wrote on Twitter, Xinhua reported.

Moore will likely face heavy criticism from Senate Democrats, with whom he has clashed for years.

He argued that Mr Trump's policies had created a global demand for dollars by increasing the attractiveness of the United States as a place for investment and said the Fed had worked at cross purposes to that by tightening credit and withdrawing money from the economy.

A spokeswoman for Republican Senator Crapo, who leads the Senate banking committee whose support is needed before a Fed governor can be appointed, declined to comment.

Cain defended higher interest rates in December 2017, a position that differs from the president's stance past year, the Bloomberg reported. Further complicating things, of the 12 regional Fed presidents, only five are voting members of the FOMC in any given year.

There are two open positions on the Fed's seven-seat board.

After months of the President's hectoring about interest-rate hikes, Powell in January put monetary policy on hold, then dined with him at the White House a few days later.

The position would give Moore a vote at the policy-setting table of an institution whose interest rate hikes a year ago were a frequent target of Trump's ire.

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In a conference at the San Francisco Fed on Friday, Raphael Bostic, president of the Atlanta Federal Reserve, said all options are still on the table regarding interest rates.

A past critic of the Fed's bond purchase programmes, called quantitative easing, Mr Moore said he would reserve judgment about what the central bank should do with its US$3.9 trillion balance sheet.

Titled "The Fed is a Threat to Growth, ' the article argued that Powell's 'tight-money policy" was holding back the economy.

As a TV commentator, Moore has been an anti-tax conservative and fiscal hawk.

Chairman Jerome Powell cited low inflation, a slowing global economy and risks like US trade tension with China for the need to remain patient "for some time".

The spread between yields on three-month Treasury bills and 10-year notes fell below zero for the first time since 2007 after US manufacturing data fell short of estimates.

Trump picked Moore after speaking with him to compliment him on an opinion article he co-authored in the Wall Street Journal, that newspaper reported earlier, citing a senior administration official.

"His policies appear to be going the wrong way", Sumner said.

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