Jerome Powell

The Federal Reserve is already full of Trump's picks

The Eagle on the facade of the Federal Reserve building wearing a MAGA hat.
Illustration: Lazaro Gamio/Axios

It's a strange Trumpian irony that the president is so upset with the Federal Reserve, because he picked many of its current members.

Why it matters: If officially nominated and confirmed, pundit Stephen Moore and former CEO and presidential candidate Herman Cain would put 6 Trump nominees out of 12 voting members on the Federal Open Market Committee. But his previous nominees haven't been like Moore and Cain.

Trump says the Fed should cut interest rates

In his latest dig at the Federal Reserve and hours after a strong jobs report, President Trump told reporters on Friday that the Fed should "drop interest rates and get rid of quantitative tightening."

Why it matters: Historically the Fed cuts interest rates to prop up a weakening economy, but Trump said "the country is doing unbelievably well, economically."

  • Trump's comments echo what White House economic advisor Larry Kudlow told Axios last week. But it's the first time Trump himself, who has broken presidential norms of not commenting on monetary policy, has publicly called for a rate cut.
  • The Fed has signaled it is done hiking rates for the rest of the year.