Former Republican presidential candidate and former Godfather's Pizza CEO Herman Cain, who President Donald Trump is preparing to tap for a seat at the Federal Reserve. Picture: AFP/CHIP SOMODEVILLA/GETTY IMAGES NORTH AMERICAPresident Donald Trump greeted news of strong jobs growth with a fresh call on the US Federal Reserve to cut interest rates and resume economic stimulus.
The US labour department reported on Friday that job growth had returned to normal, adding 196,000 net new positions after a frighteningly weak result in February. Policy makers have since cut their forecasts for 2019 to zero rate hikes and repeatedly announced they will be “patient” before deciding to raise rates again.
Trump’s public pressure on the Fed breaks with recent norms according to which the White House has refrained from commenting on monetary policy. He has also recently tapped loyalists with unconventional profiles to fill two vacancies on the Fed’s board, perhaps giving his views greater weight in policy decisions.