Powell Said to Tell Democrats Fed Won't Bend to Outside Pressure

Opposition by 4 Senate Republicans may sink Herman Cain's chance to win seat on Fed

The chairman told the lawmakers that interest rates are at about the right level given current economic conditions and that the benefits of USA economic growth haven't been as widely spread as the Fed would like.

Stephen Moore: "I don't really think I've said anything much about the gold - I'm not in favor of a gold standard".

On Thursday evening, ABC News reported that Herman Cain is expected to withdraw from consideration to be nominated to the Federal Reserve Board of Governors.

Mr Trump has had tense relations with the nation's central bank for months, as he urges a lowering of interest rates and taps unconventional loyalists like Mr Cain to fill empty seats on the Fed Reserve board.

In recent days Trump tried to take a slightly softer tone, telling Fed Monday leaders to "Take the victory!" of a solidly growing economy with "virtually no inflation" and not ruin all the good by raising interest rates. President Trump had announced his plan to nominate Cain, but that decision was met with criticism that the nomination was politically motivated due to Cain's support of Trump's 2016 presidential campaign and administration. "Because Powell is disliked by Trump, we like him a lot more", he said.

"When I saw Trump's tweet, the feeling I had is that it increases the odds the Fed tightens this week to assert their independence", said Carl Tannenbaum, chief economist at Northern Trust and a former Fed economist. "We have a very clear in black-and-white mandate assigned to us. which is maximum employment and price stability", not maximizing the growth rate of gross domestic product, he said.

The president nominates members to the Fed's seven-member board of governors and Trump elevated Powell to chairman a year ago.

The idea is that Republican senators might buck Trump on one nomination, but hardly two.

"You don't want to have someone on the Federal Reserve Board who is overly malleable and influenced by the President".

In its latest economic projections released in March, the Fed cut its forecast of the US economic growth in 2019 and 2020, expecting a rate of 2.1 percent and 1.9 percent, respectively.

"He's a fine person", Kudlow said of Powell. Cain this week waded into the debate to say that he was being attacked because "I am an outspoken voice of conservatism".

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