The latest in Donald Trump's daily attacks on the Fed, turn up the temperature for the central bank before its latest policy meeting when it expected to cut rates for the first time in a decade.
Markets welcomed the news, which some investors took to mean the Fed could cut benchmark lending rates by as much as 50 basis points, something it has not done since the worst moments of the 2008 global financial crisis.
Wall Street traders anticipate a more modest 25 basis point cut when the Fed meets to set interest rate policy on July 30-31, but Ms Shelton said there is justification for a deeper cut, citing weak economic conditions overseas.
All this interest rate speculation ended up overshadowing news that Iran said it seized two British-flagged oil tankers in the Strait of Hormuz in the Persian Gulf, raising tension in the area a day after the USA claimed to have shot down an Iranian drone (which the Iranians naturally denied).
In a follow-up tweet, Trump added that GDP and wealth accumulation in the United States could be much higher than it is. "In addition, Quantitative Tightening is continuing, making it harder for our Country to compete", Mr Trump tweeted on Monday.
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Recent public appearances by Fed officials have revealed a broad desire to move towards looser monetary policy to shield the United States economy from risks related to trade tensions, weakness in global growth and persistent low inflation.
Asian stocks are on the rise with the Shanghai Composite recovering from a one-month low, despite lower odds of an aggressive Federal Reserve rate cut.
United States economists say the first estimate of second-quarter economic growth will be published later this week and a weak number could help push the Fed towards a certain rate cut of 0.25%.
"As long as the economy's doing well, if that continues we don't need accommodation", Rosengren told CNBC. Some economists accuse her of flip-flopping on her views now that Mr Trump is president, but she says her critics are misreading what she is advocating for. The current Federal funds rate is in a target range of 2.25% to 2.50%. In other words, they missed it (Big!).
Ms Shelton said the Fed should stop paying interest in excess reserves, a practice she argues is "unhealthy" and results in the Fed paying banks "essentially.to do nothing" with the money instead of lending it out. The 3-month Treasury note and the 10-year Treasury note remained inverted. As such short-term direction will be heavily influenced by next weeks FOMC and Fed rate announcement.