While criticizing the Fed, Trump picks Cain for its board

Trump and Powell

Trump and Powell

Fox Business' Stuart Varney put National Economic Council director Larry Kudlow under pressure on Friday by asking why President Donald Trump is stacking the Federal Reserve with nominees blatantly friendly to the administration. He said the Fed should start buying more USA treasuries - another round of quantitative easing.

Mr Trump said America was doing "unbelievably well", even though the central bank had "really slowed us down" with its interest rate increases and quantitative tightening scheme.

'I personally think the Fed should drop rates.

"We have a point of view, the president has the point of view with which I concur, and that point of view is that [the] Fed went too far [with rate hikes] and we're concerned not about the immediate [economy]". He has reversed his positions on monetary policy as president.

Late ace helps Kim add to lead
It was also just the second ace at AT&T Oaks Course at TPC San Antonio in this event, the last one happened in 2013. Tony Finau was close to missing the cut, but finished with two consecutive birdies to stop an early exit.

Trump has announced he intends to nominate to conservative political allies, Stephen Moore and former 2012 GOP presidential candidate Herman Cain for two current vacancies on the seven-member Fed board.

Trump's top economic adviser, Larry Kudlow, said the appointments aren't meant to undermine the Fed's traditional political independence. The Fed approved four interest rate hikes in 2018, continuing a move toward policy normalization that began in 2015.

The combination of a recovery in hiring, which suggests the economy is not collapsing, and a slowdown in wage growth indicating that inflation is still subdued was welcomed by markets on Friday morning.

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