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Judy Shelton, one of President Trump's Fed nominee, said the pro-growth agenda.

Judy Shelton, one of President Trump's Fed nominee, said the pro-growth agenda of the administration is working, in a CNBC interview, as exemplified by the jobs data. She remains critical of the FOMC's policies and wants to examine the fundamental question of money. It's the key to free market capitalism, she said, with money the unit of account that provides clarity on pricing. Central banks shouldn't use money to engineer outcomes, including the current negative rates scenario. She remains opposed to a tighter policy stance just because the economy is doing well (what policymakers have been taught to believe in). She's opposed to Fed paying IOER as it damages banks' incentive to provide liquidity to small businesses. It's hard to normalize when the policy tools are creating a disincentive, she elaborated. The markets aren't wrong in questioning the yield curve. And she stressed that one can't ignore the impact of differential rate policies on exchange rates.

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Publication:The Fly
Date:Jul 5, 2019
Words:156
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