The Fed monopoly shouldn't compete with private banks

Stephen Moore, Washington Times

The Wall Street Journal likened FedNow to a “public option” — the left’s favorite term these days. But so far the Fed is leveraging its manifold public advantages — such as its direct access to unlimited capital from the monetary system it oversees — to steamroll private bank competitors. This is particularly unfair because the Fed had previously declared that “ultimately, implementation of [real time] proposals will be driven by the private sector.” There probably is no way to put the toothpaste back in the tube, meaning that FedNow is with us for good. But its role should be shaved back to supplement the real-time market, not collapse it into a Postal Service-type monopoly.

Steve Moore’s Critics Miss the Point

Deroy Murdock, National Review

President Donald Trump has tapped veteran supply-side economist and public-policy expert Stephen Moore to join the Federal Reserve Board of Governors. Moore is exactly the pro-growth presence the Fed needs. But he has his detractors. Bland, conventional economists don’t like Moore’s kind. So, they have hurled rocks at him since his nomination. As long as the Fed’s policy decisions affect the price of money, can’t the rest of us at least watch? Moore says Yes. Brains, a passion for growth, and a belief in openness: Steve Moore is just what the Fed needs — and not a basis point too soon.

Obama’s Fed Stifles Trump Market Rally And Economic Recovery Plans

After pumping-up the economy with near-zero interest rates for the entire Obama presidency, we here at CHQ have expected that Obama’s Federal Reserve would not be friendly to Donald Trump’s plans for an economic growth agenda. And the numbers appear to bear us out.