Monetary policy

The White House asked former domestic policy adviser Paul Winfree if he was interested in joining the Federal Reserve Board of Governors.

The April employment report topped estimates for jobs created, while the jobless rate fell to a 49-year low; wage increases missed projections.

Federal Chair Jerome Powell doused market hopes for a rate cut, but it was not the result of a shift in Fed policy.

The announcement comes after several news reports that Stephen Moore would not back down from his anticipated nomination to serve on the Fed despite growing concerns from Republican senators.

The Fed Chair said the FOMC is “comfortable with our current policy stance,” which he termed “appropriate.”

President Donald Trump suggested Tuesday that if the Federal Reserve cut interest rates by one percentage point and resumed bond purchases it would boost the economy “like a rocket,” as central bank policy makers met to decide on where to set borrowing costs.

The benchmark targeted by the Federal Reserve is on the rise again and that’s leading some to question whether the central bank could make adjustments as soon as this week to maintain control of the rate.

After its sudden pivot on monetary policy, the Fed chair recently said the central bank's so-called dot plot has become a “source of confusion” for investors.

President Donald Trump’s top economic adviser said the White House still backs Stephen Moore for a position on the Federal Reserve Board despite growing criticism over past comments deriding Midwestern cities and women.

Inflation took a step back, according to the Federal Reserve’s favorite indicator, while income edged up in March, ahead of this week’s Federal Open Market Committee meeting, suggesting the Fed will be able to remain patient on rates.