Despite both Trump and Moore's skepticism of the Fed, Powell's job as Federal Reserve chair appears safe for now.
President Donald Trump decided to choose Federal Reserve skeptic Stephen Moore for the central bank's board after a discussion about a column in which Moore argued the Fed is stifling economic growth, a senior administration official told CNBC on Friday.
"We're not going there," the official said. When asked whether Powell would survive in his job, the person answered,"yeah."Earlier this week, Trump spoke to National Economic Council Director Larry Kudlow. The president had seen a column in The Wall Street Journal, co-written by Moore, with the headline:"The Fed Is a Threat to Growth.
"What is to be done now? Trump wants to fire the Fed chairman, though it is doubtful he has the authority to do that. Much better for Powell to do the honorable thing and admit that his policies have had disastrous economic and financial consequences and resign," Moore wrote at the time. Trump was not aware of the December op-ed, according to the senior administration official.
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