Prospective Fed nominee Shelton global economy in ‘very dangerous situation’ like 1930s

Likely Federal Reserve nominee Judy Shelton compared the current situation involving the U.S. central bank and its global counterparts to the 1930s as the world struggled through the Great Depression.

“We’re in a very dangerous situation,” Shelton told CNBC’s Rick Santelli during a “Squawk on the Street” interview.

Shelton referred to the central banks lowering rates and devaluing their respective currencies in an effort to boost growth. The Fed lowered its benchmark interest rate by a quarter percentage point Wednesday, and others, including the European Central Bank and Bank of Japan, have stated their intentions to loosen monetary policy as well.

President Donald Trump has stated his intention to nominate Shelton for a Federal Reserve governor’s position.

This is breaking news. Check back for updates.

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