Why politicizing the Federal Reserve could have dangerous consequences | Analysis by Matt Egan
The American central bank has proven that it's not scared to tap the brakes on the economy to prevent runaway inflation — even if an election is lurking around the corner. That track record creates stability in global markets and gives confidence to investors.Now President Donald Trump is putting that carefully-crafted perception of Fed independence at risk. Trump has repeatedly attacked the Fed and has said he even considered firing its chairman, who he selected.
"Remember the 9-9-9 plan?Days after his name was floated, Moore, a former CNN analyst and Trump campaign adviser, called for the central bank to immediately slash interest rates. Former Fed officials warned that the move would be radical and counterproductive. "Editorializing for a rate cut as a presumptive nominee is unthinkable behavior," said Kotok.And Cain, the former CEO of Godfather's Pizza, believes the United States should return to the gold standard.
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