March 2019 Economic Recap
President Trump nominated his previous campaign adviser Stephen Moore, as well as former GOP presidential candidate Herman Cain to the Federal Reserve’s board of governors last week. The selections highlight Trump’s efforts to insert two vocal Trump supporters to the seven-seat board. Sitting on the board is the primary way to impact monetary policy, as the bank’s policy-making committee includes the board as well as five regional bank presidents. Both men have indicated support for easier policy, despite previous stances such as Cain’s support for the gold standard.
UK Prime Minister Theresa May offered to resign last week if members of Parliament backed her deal for Brexit. However, the deal failed to be supported by enough members for the third time in order to be passed. Following the vote, Parliament attempted to take control by implementing a series of votes but failed to find a majority for any alternative. May is now set to propose a second extension of the deadline this week at the upcoming EU summit.
For a deeper consideration of the economic data released during March, please follow the links below: