Fox Business Network's Stuart Varney has strong words for a former top official at the Federal Reserve, who argued that the central bank should shed its historic political independence and push back against President Trump's policies.
"Politics is not your job -- knock it off. The Fed's job is to keep inflation in check and go for full employment, that's it. The re-election of the president is none of your business," warned Varney on Fox Nation's "My Take w/ Stuart Varney".
In a recent opinion piece, the former president of the Fed's New York regional bank, William Dudley, argued that the President's trade war with China is "undermining the confidence of businesses and consumers, worsening the economic outlook." Dudley posed the rhetorical question, "Should [the Federal Reserve] mitigate the damage by providing offsetting stimulus, or refuse to play along?"
Dudley's position is clear. He believes that the Fed should not cut interest rates, stimulating the economy because it could potentially help President Trump's political fortunes.
Varney did not take Dudley's words lightly, "Bill Dudley used to run the New York Fed. He's a heavy-hitter, very important person...He's taken sides, he's gone political. He's joined the anti-Trumpers, advised his former colleagues to shift monetary policy, so our President is not re-elected."
The Wall Street Journal Editorial Board speculated that there may be another motivation, "Perhaps Mr. Dudley is angling to become the next Fed Chair if Mr. Trump is defeated. But his partisan, reckless op-ed should disqualify him from any consideration."
"What was that about the federal reserve staying out of politics...It must be independent, stick with managing the money, don't get involved with policy. Well that just went right out the window," said Varney, adding, "At precisely the moment that the Federal Reserve should be cutting rates, a former top official says 'Don't do it, because if you do it would help Trump...The Fed should not be influenced by politics. Bill Dudley is way out of line."
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