Tuesday, July 23, 2019

Trump Fed Pick Judy Shelton Calls for 50-Basis-Point Cut to Interest Rates in July

Judy Shelton
Judy Shelton, President Trump’s intended nominee to fill an open seat on the Federal Reserve Board, is calling for a large interest-rate cut at the Fed’s July meeting, reports Heather Long at The Washington Post.

When asked whether she would support reducing interest rates by half a percentage point in July, Shelton said she would and indicated she would have voted for that size of a cut in June had she been on the Fed board, according to Long.

“I would have voted for a 50-basis-point cut at the June meeting,” she said in an email.

Look, President Trump is a monetary inflationist now that he is in power. And Shelton wants a tiny taste of that power with a Fed seat.

The idea that she is somehow a supporter of the gold standard, while at the same time she is calling for more Fed money printing by a 50 basis point cut in rates, is utter nonsense.

She is somewhere between totally confused and a major league opportunist. Either way, she shouldn't be let anywhere near the Fed, even if it is just for a tour of the vaults at the New York Fed.

The only reasonable position I see for her is as an honor guard in front of the grave of John Maynard Keynes.


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