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Trump’s decision to consider close political allies for the central bank comes at a sensitive moment for the world economy and the IMF. Fund Managing Director Christine Lagarde last week asked member countries to strive to “do no harm,” yet its largest shareholder, the United States, has become a concern. Trump’s ongoing trade battles have been cited as a reason global growth is slowing, and the idea of a Fed stacked with officials looking first at the U.S. political calendar has overseas central bankers nervous black onyx cufflinks and studs.
The IMF has commended the steady evolution of Fed policy under chairman Jerome Powell, but Trump has demanded he cut rates and Moore has endorsed the idea. The actions of one central bank often impacts the economies of other nations. But the rule of thumb is to set policy as much as possible on the basis of detached analysis, not to gain a short-term trade or political advantage black onyx cufflinks and studs. If the Fed were to cut rates to counter a U.S. slowdown, it would be one thing. But juicing a mostly healthy economy to make Trump look good would send a bad signal – and hurt countries that are grappling with their own economic problems..
Lower rates could weaken the dollar, boosting U.S. exports and appealing to a core Trump campaign aim of expanding U.S. manufacturing jobs. But it would make it harder for the Bank of Japan to follow its own strategy of targeting specific levels for long-term bond yields, and undercut growth in Europe that the European Central Bank is trying to support black onyx cufflinks and studs. Emerging markets could see destablizing capital flows. “Can a politicized Fed be relied on to do what it did in 2008, when it was lender of last resort for the world? You would really have to worry about this – that rather than be the strongest proponent of stability, the Fed all of a sudden becomes an agent of instability,” said Jacob Funk Kirkegaard, a senior fellow at the Peterson Institute for International Economics..
Already some of Trump’s policies have European financial leaders thinking about ways to boost the euro as a reserve currency on views the oversized influence of the dollar in global markets leaves Europe vulnerable to U.S. political decisions black onyx cufflinks and studs. Both Moore and Cain have yet to be nominated formally, and Cain’s prospects look bleak. Fed governors must be approved by the U.S. Senate, and enough Republican lawmakers have come out against Cain to scuttle his chances. Moore, meanwhile, has sent mixed signals about his policies, but in general has criticized the Fed flooding markets with dollars during the crisis and its aftermath. He has favored tying the Fed to a strict rule, based on commodity prices. Critics of rule-based monetary policy cite its lack of flexibility to respond to unexpected events..
The Fed has had deeply political governors before, perhaps most notably in the 1980s when a group loyal to then-President Ronald Reagan opposed policy set by then-Chairman Paul Volcker, said William English, the former head of the Fed’s monetary affairs division and now a professor at Yale. They didn’t succeed, English said, evidence of the influence of a strong Fed chair and of the limits an individual governor has in an institution with a strong technocratic bent, and on a policy panel that at peak strength includes 19 people. Twelve of them, moreover, are appointed by regional banks outside the president’s reach black onyx cufflinks and studs.