Cain may not be able to pass US Senate hearings

Opposition by 4 Senate Republicans may sink Herman Cain's chance to win seat on Fed

"I don't really think I've said anything much about the gold - I'm not in favor of a gold standard", Moore said.

The Fed's Federal Open Market Committee, the body which sets interest rate policy, will announce its decision at 2 p.m. ET Wednesday.

Some Senate Republicans have voiced concerns over Cain's support for slashing interest rates, echoing a call by Trump.

President Trump is facing increasing backlash over his decision to nominate economist Stephen Moore and former 2012 presidential candidate Herman Cain to the Federal Reserve Board of Governors with some economists saying the GOP could suffer as a result.

Still, the Fed is anxious about the economy overheating and says small, gradual interest rate increases are the best way to tap the brakes a bit to ensure inflation doesn't rise too quickly and bubbles don't form.

Former Dallas Fed advisor Danielle DiMartino Booth, AGF chief US policy strategist Greg Valliere and Jim Lacamp, senior VP of investment at UBS, on President Trump nominating Herman Cain and Stephen Moore to the Federal Reserve's board of governors.

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Fed officials continue to deny that Trump's tweets and criticisms are having any impact on monetary policy. "Because Powell is disliked by Trump, we like him a lot more", he said.

Moore, and fellow Trump nominee Herman Cain, a former restaurant chain executive, are battling for the two vacant seats on the Fed's Board of Governors, positions that would give them a say for years on interest-rate policy and bank regulation. "Growth does not cause inflation", he said. The nominations must be approved by the Senate.

Trump has slammed the central bank's rate hikes in 2018 as thwarting economic growth and has publicly pressed policymakers to change course. "He's not a political person in any way", she said.

Kudlow noted the Fed was independent but said that would not stop him and others from weighing in on its activities.

Cain formerly served on the board of the Fed's Kansas City regional bank.

Moore, for example, said in a Bloomberg interview that he felt Fed meetings should be televised - a likely non-starter for an organization that publishes minutes of its meetings three weeks after the fact and holds regular news conferences but feels a camera in the room would inhibit free discussion.

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