Trump's failed Fed pick Stephen Moore: If central bankers cut rates, it would be 'Moore's revenge'

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Trump's failed Fed pick Stephen Moore: If central bankers cut rates, it would be 'Moore's revenge'
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Trump's failed Fed pick Stephen Moore: If central bank cut rates, it would be 'Moore's revenge'

Moore, a proponent of easier monetary policy, believes the Fed should not be worried about stronger economic growth causing out-of-control inflation. "This is what my whole [Fed] campaign was about — that growth does not cause inflation.", " Moore said the Fed's quarter-point rate hike in December — the fourth such move of 2018 and at a time when markets were collapsing — was "unnecessary," arguing that policymakers ought to reverse that decision.

Trump last month, in his most brazen attack yet on the Fed, called for a 1 percentage point rate reduction and money-printing quantitative easing. Trump has expressed concerns that higher borrowing costs and balance sheet roll-offs could hurt economic growth, which he views, along with the stock market, as a benchmark of success for his fiscal policies.

Calls for a rate cut, which the markets seem to think is more and more likely as the Fed's next move, come even as first quarter growth came in at a robust 3.2%. Traditional monetary theory holds that stronger economic growth can stoke inflation, leading historically to the Fed increasing rates to hold price pressures at bay.

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