WASHINGTON (Reuters) - Potential Federal Reserve board nominee Stephen Moore, picked by U.S. President Donald Trump, faced new criticism on Friday, with Democratic Senator Elizabeth Warren accusing him of lacking competencies to serve in that role. FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File Photo/File Photo Economists and other critics have expressed concerns about Moore, a conservative economic commentator, and another Trump loyalist nomination to the Fed’s Board of Governors, serving on the traditionally nonpartisan central bank. Warren, a Democrat who is running to challenge Trump in the 2020 election, said Moore had “a long history of making wildly inaccurate claims about economic policy that appear to serve political ends.” “Americans should be able to trust that policymakers ... have some command over basic mathematical and economic concepts … [Read more...] about Criticism mounts of Trump pick for U.S. Federal Reserve
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(Reuters) - A crowded field of fresh faces and veteran U.S. lawmakers has lined up to seek the Democratic Party’s 2020 presidential nomination. FILE PHOTO: U.S. former Vice President Joe Biden delivers remarks at the First State Democratic Dinner in Dover, Delaware, U.S. March 16, 2019. REUTERS/Jonathan Ernst The diverse group vying to challenge President Donald Trump, the likely Republican nominee, includes six U.S. senators. A record six women are running, as well as black, Hispanic and openly gay candidates who would make history if one of them became the party’s nominee. Here are the Democrats who have launched campaigns or are expected to pursue a presidential bid, listed in order of their RealClearPolitics national polling average. JOE BIDEN The leader in polls of Democratic presidential contenders is not even a candidate yet. But Biden, who served eight years as vice president under former President Barack Obama and 36 years in the U.S. Senate, looks … [Read more...] about Factbox: Big Democratic field taking shape for 2020 U.S….
WASHINGTON (Reuters) - Twitter may not be the best place to decide the future of the U.S. economy. FILE PHOTO: U.S. Representative Alexandria Ocasio-Cortez (D-NY) and Senator Ed Markey (D-MA) hold a news conference for their proposed "Green New Deal" to achieve net-zero greenhouse gas emissions in 10 years, at the U.S. Capitol in Washington, U.S. February 7, 2019. REUTERS/Jonathan Ernst But square off a Nobel laureate and a former U.S. Treasury chief against a firebrand professor from a state university in New York, and an otherwise obscure debate over “modern monetary theory,” or MMT, becomes a center ring battle over how the Democratic Party should shape economic policy ahead of the 2020 presidential election. Over the past three weeks, New York Times columnist and Nobel economics prize winner Paul Krugman, along with former Treasury Secretary Laurence Summers, have used social media, television appearances and news columns to rebut the ideas of Stephanie … [Read more...] about Democrats’ Twitter war: Should U.S. borrow a lot, or a whole lot?
FRANKFURT (Reuters) - The U.S. Federal Reserve is investigating Deutsche Bank's role in a money laundering scheme that has embroiled both it and Denmark's Danske Bank , Bloomberg reported on Wednesday. The Fed's investigation is at an early stage, Bloomberg said, citing unnamed people familiar with the matter. The U.S. central bank is investigating whether Deutsche Bank in New York properly monitored the transfer of funds it performed on behalf of Danske from its Estonia branch, the report added. Deutsche shares were down 1.8 percent in early trade lagging Germany's DAX index which was off 0.6 percent. Deutsche Bank declined to comment. Deutsche Chief Executive Officer Christian Sewing said last week that the bank was investigating the Danske case internally and that it had no indications of any misconduct on the bank's part. Deutsche Bank has been cooperating with the Fed, Bloomberg reported. Danske is under investigation for suspicious payments totalling 200 billion euros … [Read more...] about U.S. Fed investigating Deutsche’s role in Danske money laundering
NEW YORK (Reuters) - Extreme volatility in a key funding market for banks as 2018 came to a close should serve as evidence that the U.S. Federal Reserve ought to be prepared to serve as a backstop to prevent the market from seizing up, Bank of America Merrill Lynch analysts said on Friday. The $2.2 trillion (1.7 trillion pounds) repurchase agreement (repo) market enables banks and Wall Street to raise short-term cash to finance their trades and loans by using Treasuries and other securities as collateral. On Dec. 31, the Secured Overnight Financing Rate (SOFR), a gauge on overnight repo rates, jumped to 3.15 percent, which was 75 basis points above the interest on excess reserves (IOER), or what the Fed pays banks on the excess reserves they leave at the central bank. Prior to the year-end spike, SOFR was running one basis point to six basis points above IOER. If repo rates, some of which jumped above 5 percent that day, were to experience such sharp spikes more frequently, they could … [Read more...] about U.S. Federal Reserve may need to backstop repo market