Fed Chair Jerome Powell has made clear the central bank will not bend to the will of President Donald Trump, and so far it's winning.
Stephen Moore became the second of a pair of controversial potential Fed nominees to withdraw from the process, after it appeared he wouldn't gain senate support.
U.S. President Donald Trump speaks as Jerome Powell, governor of the U.S. Federal Reserve and Trumps nominee as chairman of the Federal Reserve, left, listens during a nomination announcement in the Rose Garden of the White House in Washington, D.C., U.S., on Thursday, Nov. 2, 2017.Federal Reserve Chairman Jerome Powell has made clear the central bank will not bend to the will of President Donald Trump, and so far it's winning.
"Trump views loyalty over anything else and he needs people on the Fed who are loyal to him, and he will look for someone else in the same loyalty mode as Herman Cain and Stephen Moore," said Tom Block, Washington policy strategist at FundStrat. "As has been pointed out by many, Trump's earlier choices have been solid economists who have earned their seats. Then he tried to put someone loyal across at the Fed, and he's having a hard time finding someone.
Both candidates did have some related experience. Moore holds a master of arts in economics from George Mason University. He also served as a fellow at the Cato Institute, the Club for Growth, and the Heritage Foundation and was formerly oneditorial board. Cain was a chairman and deputy chairman at both the Omaha branch of the Federal Reserve Bank of Kansas City and the Federal Reserve Bank of Kansas City.
The risk is that even thought the Fed does not respond to Trump's criticism, his tweets and other attacks could harm the Fed's credibility.
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