Federal Reserve should help defeat Trump in 2020: ex-Fed official

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FederalReserve should help defeat Trump in 2020: ex-Fed official

A former top US central banker leapt into the political fray on Tuesday, calling on the Federal Reserve to oppose President Donald Trump's reelection effort next year.[WASHINGTON] A former top US central banker leapt into the political fray on Tuesday, calling on the Federal Reserve to oppose President Donald Trump's reelection effort next year.

But Mr Dudley said the outcome of the 2020 presidential elections was arguably"within the Fed's purview" because a second Trump term represented a threat to the global economy as well as to the Fed's political independence and policy mandates."If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020," he wrote.

A spokesman for the central bank maintained this position on Tuesday, saying the Fed's policy decisions were guided"solely by its congressional mandate" for stable prices and maximum employment.Earlier this month, the Fed cut interest rates for the first time in more than a decade even though unemployment remains at historic lows, amid growing concerns about the global economy.

Instead the Fed should clearly state that it will not cut rates in response to Mr Trump's trade actions, sending a signal that he will own the risks created by his trade wars -"including the risk of losing the next election," Mr Dudley said. "I am convinced that they are not politicising," he told CNBC, adding that he felt Mr Dudley had gone"a little too far" in his opinion piece.

 

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