International Monetary Fund warns of 'dangerous' results as Trump criticises Fed

House Speaker Nancy Pelosi speaks in her office at the Capitol in Washington on Wednesday

During his first 18 months in office, Trump relied on Treasury Secretary Steven Mnuchin and other economic advisers to pick Fed nominees, but he has wrested control of the process in recent months after blaming Mnuchin for steering him toward Jerome Powell as Fed chairman.

President Donald Trump on Monday urged the Federal Reserve not to raise interest rates, but Fed officials are widely expected to do so this week despite the president's ongoing public effort to dissuade the USA central bank from putting any brakes on the economy.

"Undermining central-bank independence would be risky", Tobias Adrian, director of the fund's monetary and capital-markets department, said when asked about Mr Trump's recent criticism of the Fed.

"Trump tells colleagues that" I've told my folks that's the man".

Neither Moore, a former leader of the Club for Growth, nor Cain, a 2012 presidential candidate, has been formally nominated. Cain's bid for the White House in 2012 came to a halt after two women claimed Cain sexually harassed them when they worked for the National Restaurant Association, where Cain was president and CEO.

Trump has jawboned Fed officials and pushed them to slash interest rates and flood the economy with cheap money, even though during his presidential campaign he accused the central bank of creating a "big, fat, ugly bubble". Both Fed choices have been met with "heavy public scrutiny", said Paul Kiernan, also at the Journal.

"If I had to vote today, I couldn't vote for Herman Cain", said Cramer, a Trump ally. "Herman is a great guy and I hope he does well".

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AGF Chief U.S. policy strategist Greg Valliere also told FOX Business he thinks all of this talk about the Fed losing its independence is "overdone".

Cain served in a variety of Federal Reserve roles in Kansas City between 1989 and 1996. At the meeting, which was held in the White House Situation Room, an aide passed Trump a note informing him that Cain was in the building.

A number of Democrats have criticized Cain's qualifications more generally, and Senate Minority Leader Chuck Schumer said he didn't know of any lawmaker in his party who would vote to confirm Cain.

But he stressed that the White House needs to consider two factors in its nominations: the individual's background check, as well as his or her prospects of getting confirmed in the Senate.

Moore, and fellow Trump nominee Herman Cain, a former restaurant chain executive, are battling for the two vacant seats on the Fed's Board of Governors, positions that would give them a say for years on interest-rate policy and bank regulation.

"I just don't think of it", said Mary Daly, president of the San Francisco Fed, in an appearance last week on PBS NewsHour.

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