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Trump’s Federal Reserve nominee doesn’t know how the Fed works

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Stephen Moore, who was nominated last week by President Donald Trump to be a governor of the U.S. Federal Reserve, has admitted in an interview that he needs to do a lot of homework about his potential future place of employment.

Moore, who does not have doctorate in economics even though he regularly opines on economics in media appearances, told Bloomberg TV that he still isn’t sure what he’ll be doing in at the Federal Reserve, and he needs to educate himself about what America’s central bank actually does.

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“I’m kind of new to this game, frankly, so I’m going to be on a steep learning curve myself about how the Fed operates, how the Federal Reserve makes its decisions,” Moore explained. “It’s hard for me to say even what my role will be there, assuming I get confirmed.”

Moore’s nomination has drawn widespread criticism, even among some conservative economists. Greg Mankiw, a Harvard professor who was chairman of the White House Council of Economic Advisers under President George W. Bush, urged the Senate to vote down Moore’s nomination to serve at the Fed.

“He does not have the intellectual gravitas for this important job,” Mankiw wrote. “It is time for senators to do their job. Mr. Moore should not be confirmed.”


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2020 Election

Stormy Daniels offers to speak before Congress: ‘Sh*t is about to hit the fan again’

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In an interview with the Daily Beast, adult film actress Stormy Daniels says she is waiting to hear from Congressional investigators taking a look at payments made to her through Donald Trump's lawyer to keep quiet about their reported affair.

With lawmakers indicating they may not call the actress to speak before a congressional committee, Daniels confessed she is waiting for them.

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Drones hit Saudi Aramco plants, disrupting oil flow

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Saudi Arabia said Saturday it was ready to respond to drone attacks claimed by Iran-aligned Yemeni rebels on two major oil facilities, which severely disrupted production as Washington blamed Tehran for the strike.

The strikes sparked fires at the state-owned Aramco oil plants and prompted furious condemnation from the top US diplomat who blamed Tehran for the strike.

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The drones triggered multiple explosions, forcing state-owned Aramco to temporarily suspend production at the two facilities, interrupting about half of the company's total output, Energy Minister Prince Abdulaziz bin Salman said.

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Large US banks sweating the move to lower interest rates

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President Donald Trump's attacks on the US Federal Reserve make financial markets cringe, but his demand for zero interest rates makes banks sweat.

As the Fed reverses course and is poised to cut the benchmark lending rate a second time on Wednesday, large US banks have signaled they expect a bigger hit to their bottom line.

Banks including JPMorgan Chase and Wells Fargo last week trimmed their 2019 forecasts for profits tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook.

Lower interest rates mean less profits on loans made by the banks, especially if they have offered higher returns on deposits to attract customers.

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