Trumpeting a strong U.S. economy amid some economic struggles around the rest of the world, President Donald Trump's nominee for the Federal Reserve board, Stephen Moore, hailed the lowest unemployment rate "since the Beatles."
"This was a monster jobs number," Moore told "The Cats Roundtable" on 970 AM-N.Y. about Friday's most recent jobs report. "When everybody thought the economy was slowing down, we get this beautiful number.
"We've got the lowest unemployment rate now since the Beatles were still playing together."
Moore, who is projected to face Democratic resistance in his Senate confirmation hearing, does see some slow growth worldwide – "It's hard for the U.S. to carry the rest of the world on its shoulders," he said – but talk of a U.S. recession coming is premature and coming from President Trump's political opponents.
"[Trump] defies his critics at every turn," Moore told host John Catsimatidis.
"I don't see any recession on the horizon anywhere as far as I can see. . . . If the economy 18 months from now is as strong as it is now, I think Trump will be in very, very strong shape for his re-election."
The looming trade deal with China might be more "good" than "great," Moore said, but the Federal Reserve he hopes to join might consider an interest rate decrease because of the strong U.S. economy under tougher economic conditions worldwide.
"What Larry Kudlow has said is that he and Donald Trump believe that there should be a 50-basis-point decline in interest rates," Moore said. "I'm not going to comment and just because of my situation under nomination. I will say this, that I've written publicly before this all came about that I think the Fed is a little bit too tight right now.
"When you get a situation where you get a pro-growth policy, where you have all this global demand for dollars at the same time the Fed is raising interest rates and pulling dollars out of the economy, that can cause a slight deflation. And I'm a little worried about that.
". . . I do think there is a case to be made possibly for a rate decrease.
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