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13 Feb 2020

Republicans expect Trump to withdraw controversial Fed nominee – The Hill

The Hill reports that the Senate Republican sources expect President Trump to withdraw his nomination of Judy Shelton to serve on the Federal Reserve Board following bipartisan resistance on Capitol Hill.

Key notes

The White House has not made a final decision since Trump would first need to sign off on the reversal, but Republican sources say it would be “desirable” for her to withdraw from consideration and that her nomination is “trending” in that direction.

“She’s being pulled,” said a Republican senator.

Senate GOP aides have indicated to colleagues privately that they expect Shelton to withdraw, according to one Senate aide familiar with the discussions.

If Shelton pulls out, she would would be Trump's third Fed nominee derailed by Senate Republican opposition, and the fifth overall, counting informal picks as well.

FX implications

There was no reaction to this although it underpins the notion among economists is that the Fed will now pause in 2020 after having cut rates three times in 2019.

 

Feb 13, 2020

South Korea Import Price Growth (YoY) above expectations (2.6%) in January: Actual (2.7%)

South Korea Import Price Growth (YoY) above expectations (2.6%) in January: Actual (2.7%)
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Feb 13, 2020

US Dollar Index Asia Price Forecast: DXY pops above 99.00 figure in fresh 2020 highs

The US dollar index (DXY) is trading near its highest point since October while trading above the main daily simple moving averages (SMAs). The market is spiki
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