Published: Thu, July 04, 2019
Markets | By Otis Pena

Trump's latest Fed picks at least clear the bar

Trump's latest Fed picks at least clear the bar

US President Donald Trump has tweeted the names of 2 economists he wants to see join the Federal Reserve Board.

Shelton, the USA director at the European Bank for Reconstruction and Development, was a critic of the Fed's easy money policies after the financial crisis and has called for a return to the gold standard.

Trump's earlier choices for the Fed seats, economic commentator Stephen Moore and businessman Herman Cain, withdrew from consideration. In a recent interview with the Wall Street Journal, she agreed with Trump about whether the Fed should lower interest rates: "The answer is yes".

Christopher Waller is director of research for St. Louis Fed President James Bullard, who was the only dissenting vote in favor of a rate cut at the Fed's meeting in June.

Trump has been highly critical of Fed chairman Jerome Powell and current monetary policy.

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Shelton, an economic adviser to the president during his 2016 campaign, has previously said that if appointed, she would lower interest rates to 0% in one to two years, echoing calls from Trump to lower rates, according to reports. President Trump says he will nominate her to be a Federal Reserve governor.

Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. Each must be confirmed by the Senate. Fed leaders have ignored Trump, saying they are doing what is best for the country by raising rates last year and holding them steady this year.

Waller received his Ph.D.in economics from Washington State University and is considered a more typical candidate for a Fed job, given his years as an economics professor and researcher at the central bank.

The Fed next meets to consider interest rates at the end of this month and financial markets widely expect the central bank will begin cutting rates at that time if the economy continues to show signs of weakening.

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