Trump’s Fed nominee suggests immediate 50 bps rate-cut

While global market players and the US Federal Reserve expect a halt in the FOMC rate-hike trajectory during 2019, the US President Donald Trump’s nominee for the Federal Reserve Board of Governors suggests an immediate Fed rate cut by 50 basis points (bps).

The New York Times recently came out with an interview report of Stephen Moore who is Mr. Turmp’s pick for Fed Governor. Moore criticized Fed Chair Powell recently and was against the Fed’s rate hikes of September and December 2018. 

The report said that “Mr. Moore said Tuesday that he regretted his remarks about Mr. Powell, but defended his view that the Fed was wrong to raise interest rates in September and December. He said the Fed should immediately reverse course and cut rates by half a percentage point.”