Trump makes two conservative picks for Fed: NY Times(Reuters) - U.S. President Donald Trump’s picks for two open spots on the Federal Reserve’s Board of Governors may push for tighter monetary policy if they receive the Senate confirmation needed to join the Fed’s rate-setting panel, their records suggest. Trump will nominate Carnegie Mellon University professor Marvin Goodfriend and former Treasury Department staffer Randal Quarles to fill two of the three open seats on the Federal Reserve’s Board of Governors, the New York Times said on Friday, citing unnamed people with direct knowledge of the decision.   The conservative picks come as Fed Chair Janet Yellen continues to slowly raise interest rates and lay out plans to shed some of the trillions of dollars of bonds bought in the wake of the financial crisis.  Goodfriend in particular has been skeptical of the Fed’s bond-buying programs, saying that it is too close to fiscal policy. Goodfriend and Quarles did not immediately respond on Friday to requests for comment. A White House spokeswoman said officials were not ready to make an announcement yet.     Goodfriend, 66, a former Richmond Fed policy advisor, also has urged the central bank to adopt simpler rules governing policy decisions.  That view has support among many congressional Republicans, though Yellen has strongly opposed their proposed legislation on grounds that it would tie the Fed to make mechanical decisions that would harm the economy. The rule at the center of that legislation suggests the Fed should be raising rates more aggressively than the three annual rate hikes policymakers currently expect for both 2017 and 2018. That could make for an interesting dynamic with bond investors increasingly skeptical of faster rate hikes amid uncertainty over the outlook for tax cuts under Trump’s young administration.  After Friday’s report that employers added fewer than expected jobs in May, short-term interest-rate futures traders were still pricing in a June rate hike, but Treasury yields fell as investors reduced bets on subsequent hikes. 	 One area Goodfriend may agree with Yellen is on the Fed’s plan to start shrinking its $4.5-trillion balance sheet before the end of the year. Though the Fed has not published its plan in detail, policymakers have said the portfolio would shrink as if on “autopilot.” In an interview with Reuters last November, Goodfriend appeared to also support such a preset plan. “The Fed should choose a rule for shrinking the balance sheet so that, as it sold off its assets, it was pre-committed and markets could anticipate sales and prepare for them,” he said. Despite differences of opinion with Yellen, he said then, “If there is interest in my point of view and my 30-something years of thinking, writing, and teaching about the Fed and central banking, then I would have to consider serving.”  A lawyer by profession, Quarles, 59, worked on financial regulation at the U.S. Treasury for years, including during the 2007-2009 financial crisis. Reuters had earlier reported he was a leading candidate to be Trump’s pick for the Fed’s vice chair in charge of banking supervision.  “Many market participants have been barking up the wrong tree, arguing that Trump is an easy money guy because he borrowed a lot when he was a real-estate tycoon,” said Stephen Stanley, Amherst Pierpont’s chief economist, who worked for Goodfriend when he was at the Richmond Fed. “If these two nominees are eventually confirmed, the tone of the Fed Board will instantly swing to a far more hawkish tenor.” politicsNews
trump makes two conservative picks fed ny times reuters president donald trump picks two open spots federal reserve board governors may push tighter monetary policy receive senate confirmation needed join fed panel records suggest trump nominate carnegie melon university professor marvin goodfriend former treasury department staffer vandal quarter fill two three open seats federal reserve board governors new york times said friday citing unnamed people direct knowledge decision the conservative picks come fed chair janet ellen continues slowly raise interest rates lay plans shed trillion dollars bonds bought wake financial crisis goodfriend particular skeptical fed programs saying close fiscal policy goodfriend quarter immediately respond friday requests comment a white house spokeswoman said officials ready make announcement yet goodfriend former richmond fed policy advisor also urged central bank adopt simpler rules governing policy decisions that view support among many congressional republicans though ellen strongly opposed proposed legislation grounds would tie fed make mechanical decisions would harm economy the rule center legislation suggests fed raising rates aggressively three annual rate hikes policymakers currently expect that could make interesting dynamic bond investors increasingly skeptical faster rate hikes amid uncertainty outlook tax cuts trump young administration after friday report employers added fewer expected jobs may futures traders still pricing june rate hike treasury yields fell investors reduced bets subsequent hikes one area goodfriend may agree ellen fed plan start shrinking balance sheet end year though fed published plan detail policymakers said portfolio would shrink in interview reuters last november goodfriend appeared also support preset plan the fed choose rule shrinking balance sheet sold assets markets could anticipate sales prepare said despite differences opinion ellen said if interest point view years thinking writing teaching fed central banking i would consider a lawyer profession quarter worked financial regulation treasury years including financial crisis reuters earlier reported leading candidate trump pick fed vice chair charge banking supervision many market participants barking wrong tree arguing trump easy money guy borrowed lot tycoon said stephen stanley atheist pierpont chief economist worked goodfriend richmond fed if two nominees eventually confirmed tone fed board instantly swing far hawks politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump makes two conservative picks for Fed: NY Times(Reuters) - U.S. President Donald Trump’s picks for two open spots on the Federal Reserve’s Board of Governors may push for tighter monetary policy if they receive the Senate confirmation needed to join the Fed’s rate-setting panel, their records suggest. Trump will nominate Carnegie Mellon University professor Marvin Goodfriend and former Treasury Department staffer Randal Quarles to fill two of the three open seats on the Federal Reserve’s Board of Governors, the New York Times said on Friday, citing unnamed people with direct knowledge of the decision.   The conservative picks come as Fed Chair Janet Yellen continues to slowly raise interest rates and lay out plans to shed some of the trillions of dollars of bonds bought in the wake of the financial crisis.  Goodfriend in particular has been skeptical of the Fed’s bond-buying programs, saying that it is too close to fiscal policy. Goodfriend and Quarles did not immediately respond on Friday to requests for comment. A White House spokeswoman said officials were not ready to make an announcement yet.     Goodfriend, 66, a former Richmond Fed policy advisor, also has urged the central bank to adopt simpler rules governing policy decisions.  That view has support among many congressional Republicans, though Yellen has strongly opposed their proposed legislation on grounds that it would tie the Fed to make mechanical decisions that would harm the economy. The rule at the center of that legislation suggests the Fed should be raising rates more aggressively than the three annual rate hikes policymakers currently expect for both 2017 and 2018. That could make for an interesting dynamic with bond investors increasingly skeptical of faster rate hikes amid uncertainty over the outlook for tax cuts under Trump’s young administration.  After Friday’s report that employers added fewer than expected jobs in May, short-term interest-rate futures traders were still pricing in a June rate hike, but Treasury yields fell as investors reduced bets on subsequent hikes. 	 One area Goodfriend may agree with Yellen is on the Fed’s plan to start shrinking its $4.5-trillion balance sheet before the end of the year. Though the Fed has not published its plan in detail, policymakers have said the portfolio would shrink as if on “autopilot.” In an interview with Reuters last November, Goodfriend appeared to also support such a preset plan. “The Fed should choose a rule for shrinking the balance sheet so that, as it sold off its assets, it was pre-committed and markets could anticipate sales and prepare for them,” he said. Despite differences of opinion with Yellen, he said then, “If there is interest in my point of view and my 30-something years of thinking, writing, and teaching about the Fed and central banking, then I would have to consider serving.”  A lawyer by profession, Quarles, 59, worked on financial regulation at the U.S. Treasury for years, including during the 2007-2009 financial crisis. Reuters had earlier reported he was a leading candidate to be Trump’s pick for the Fed’s vice chair in charge of banking supervision.  “Many market participants have been barking up the wrong tree, arguing that Trump is an easy money guy because he borrowed a lot when he was a real-estate tycoon,” said Stephen Stanley, Amherst Pierpont’s chief economist, who worked for Goodfriend when he was at the Richmond Fed. “If these two nominees are eventually confirmed, the tone of the Fed Board will instantly swing to a far more hawkish tenor.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: trump makes two conservative picks fed ny times reuters president donald trump picks two open spots federal reserve board governors may push tighter monetary policy receive senate confirmation needed join fed panel records suggest trump nominate carnegie melon university professor marvin goodfriend former treasury department staffer vandal quarter fill two three open seats federal reserve board governors new york times said friday citing unnamed people direct knowledge decision the conservative picks come fed chair janet ellen continues slowly raise interest rates lay plans shed trillion dollars bonds bought wake financial crisis goodfriend particular skeptical fed programs saying close fiscal policy goodfriend quarter immediately respond friday requests comment a white house spokeswoman said officials ready make announcement yet goodfriend former richmond fed policy advisor also urged central bank adopt simpler rules governing policy decisions that view support among many congressional republicans though ellen strongly opposed proposed legislation grounds would tie fed make mechanical decisions would harm economy the rule center legislation suggests fed raising rates aggressively three annual rate hikes policymakers currently expect that could make interesting dynamic bond investors increasingly skeptical faster rate hikes amid uncertainty outlook tax cuts trump young administration after friday report employers added fewer expected jobs may futures traders still pricing june rate hike treasury yields fell investors reduced bets subsequent hikes one area goodfriend may agree ellen fed plan start shrinking balance sheet end year though fed published plan detail policymakers said portfolio would shrink in interview reuters last november goodfriend appeared also support preset plan the fed choose rule shrinking balance sheet sold assets markets could anticipate sales prepare said despite differences opinion ellen said if interest point view years thinking writing teaching fed central banking i would consider a lawyer profession quarter worked financial regulation treasury years including financial crisis reuters earlier reported leading candidate trump pick fed vice chair charge banking supervision many market participants barking wrong tree arguing trump easy money guy borrowed lot tycoon said stephen stanley atheist pierpont chief economist worked goodfriend richmond fed if two nominees eventually confirmed tone fed board instantly swing far hawks politicsnews