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The Fed: Trump’s Fed choice Judy Shelton says interest-rate cut needed because Europe is set to devalue euro

Bloomberg News/Landov
Judy Shelton

The Federal Reserve should cut interest rates because of the European Central Bank’s recent signal that it intends to devalue the euro, said Judy Shelton, President Donald Trump’s planned pick for a seat on the central bank’s board of governors.

Shelton, a long-time supporter of the gold standard, has recently joined the president’s call for easier monetary policy.

Asked about her shift to a dovish position, in an interview on CNBC, Shelton said rate cuts were needed or else the U.S. economy, boosted by what she called the president’s pro-growth agenda, would be unfairly “punished” for its success.

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