The Federal Reserve cut interest rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against risks including global economic weakness.
Markets reacted swiftly to remarks by two of the most senior Fed officials next to Chairman Jerome Powell. They are among the 10 people who will vote on rates at the Fed's next policy meeting on July 30-31.
The decision to consider Cain is the second time in weeks that Trump has floated candidates with deeply-held political views and past ethical issues to fill a seat on the Federal Reserve, signaling an intent to put allies on a traditionally independent body.
Stephen Moore is a conservative economic analyst and frequent Federal Reserve critic. He is a well-known and often polarizing figure in Washington political circles. He served as Trump's campaign adviser in 2016 and helped Trump craft his tax cut plan.
The Fed’s signal that it will keep interest rates on hold for the full year reflects concerns that economic growth is slowing, lower energy prices are weighing on inflation and risks from abroad are dimming the outlook.