Stephen Moore holds some views that amount to a rejection of mainstream macroeconomics
PRESIDENT DONALD Trump has been highly critical of the Federal Reserve. Now it seems he is trying to change it from within. On March 22nd he announced that he had nominated Stephen Moore, a senior fellow at the Heritage Foundation, to the Fed’s Board. Mr Moore shares Mr Trump’s view that America’s monetary policymakers are too hawkish.
During the Obama administration he railed at the Fed for keeping interest rates too low, and also urged it to shrink the size of its balance sheet. But then he became an advisor to the Trump administration’s election campaign . And suddenly he turned from monetary policy hawk to dove. It appears his instincts are informed less by sound principles of economic policy than by whatever he thinks most likely to please Mr Trump.
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