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Trump to nominate Shelton, Waller to Fed board

U.S. President Donald Trump intends to nominate Judy Shelton and Christopher Waller as members of the Federal Reserve's Board of Governors, the White House confirmed Jan. 16.

Shelton, who most recently served as U.S. executive director at the European Bank for Reconstruction and Development, would sit on the Fed board until Jan. 31, 2024. Waller, who is executive vice president and director of research at the Federal Reserve Bank of St. Louis, would end his term at the board Jan. 31, 2030.

Analysts have said Shelton's economic views made her prospects of getting confirmed in the Senate relatively tougher, while Waller is unlikely to face major opposition for his nomination. Republicans have a 53-47 majority in the Senate, which would vote on whether to confirm the nominees.

The Fed lowered interest rates three times in 2019 and signaled in December that year that its policymakers were in no rush to change rates again anytime soon.

Trump has repeatedly called on the Fed to cut interest rates, tweeting in September 2019 that the central bank ought to lower rates to zero percent or less.