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Trump picks two Fed nominees likely to support lowering rates

Section: Daily Dispatches

By Josh Wingrove and Rich Miller
Bloomberg News
Tuesday, July 2, 2019

After a year-long assault on the Federal Reserve and its chairman, President Donald Trump has tapped two wildly different economists to the central bank's board who seemingly have one important thing in common.

They're both likely to support the president's call for lower interest rates.

One, Christopher Waller, is the more conventional choice, drawn from within the Fed;s own ranks. The other, Judy Shelton, has spent decades outside mainstream economics and has already faced criticism for some of her unconventional views on monetary policy.

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Waller is director of research for St. Louis Federal Reserve Bank President James Bullard, who was the only dissenting vote in favor of a rate cut at the Fed's meeting in June. Shelton, who has been an informal adviser to Trump, has publicly said the central bank should reduce rates.

"It seems like both are going to be in favor of lower rates, and sooner rather than later," said Kathleen Bostjancic, an economist at Oxford Economics in New York. "They are much more dovish, and obviously that's what President Trump wants." ...

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