Trump’s Fed-Pick Judy Shelton Says She’d Favor a Half-Point Rate Cut
Trump's Fed-Pick Judy Shelton Says She'd Favor a Half-Point Rate Cut
(Bloomberg) -- Judy Shelton, who President Donald Trump has said he plans to nominate to the Federal Reserve Board in Washington, backs a half percentage-point rate cut when the central bank meets next week and said she would have pushed for a sooner move.
“I would have voted for a 50-basis point cut at the June meeting,” she told the Washington Post. “I do think global conditions and the clear monetary paths being signaled by other central banks are a factor in considering how much our own Federal Reserve might choose to lower on July 31.”
Shelton, who made her remarks to the newspaper via email, has been named by Trump to fill one of two current vacancies for Fed governor, subject to Senate confirmation.
Fed officials are expected to cut rates by a quarter point next week as an insurance against uncertainties stemming from Trump’s trade dispute and weaker global growth. Earlier on Monday, the president renewed his criticism of the central bank in a series of tweets in which he complained “the Fed raised & tightened far too much & too fast.”
To contact the reporter on this story: Alister Bull in Washington at abull7@bloomberg.net
To contact the editor responsible for this story: Margaret Collins at mcollins45@bloomberg.net
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