"Stephen Moore is unfit to serve on the Fed board", monetary economist George Selgin, director of the libertarian Cato Institute's Center for Monetary and Financial Alternatives said on Twitter. There are now two vacancies on the Fed board.
The nomination, which is subject to Senate approval, would elevate someone to the Fed who has, like Trump himself, been a big critic of the central bank. The two collaborated in shaping the tax overhaul that Mr. Trump signed into law at the end of 2017, leading to changes that largely favored tax cuts for corporations and wealthier Americans with the intention of spurring investment and faster growth.
Moore, interviewed Friday on Bloomberg television after Trump's announcement, said his criticism of the Fed, including his suggestion that Powell should perhaps be fired, were "probably written in a time of anger".
"If we didn't have somebody that would raise interest rates and do quantitative tightening, we would have been at over 4 [percent] instead of at 3.1", Trump told Fox Business Network's Maria Bartiromo.
The dot plot was invented in late 2011, at a time when Fed officials were considering how to prepare markets for the shift they hoped to make away from the unprecedented array of monetary support measures they'd put in place after the financial crisis.
'I don't care if I influenced or not.
Williamson, Duke survive UCF's late misses, reach Sweet 16
Duke advances to play fourth-seeded Virginia Tech or 12th-seeded Liberty in the Sweet 16 at Washington, D.C., on Friday night. Zion Williamson took on 7-foot-6 Tacko Fall at the end and won. "When I went to the basket, I knew it was going in".
"I think everyone would now acknowledge", Moore added, "that what they did in December with the rate increase was a very substantial mistake". By contrast, the central bank raised rates just twice during the entire eight years Barack Obama was in office - and one of those rate hikes was approved in December of 2016, the month after Trump was elected.
On Friday, the Treasury Department reported a record monthly budget deficit of $234 billion.
"QE2 is just a fancy word for saying that what we're doing right now is we're monetising our debt, " he told a November 2011 conference in Palm Beach, Florida, according to a transcript of the event.
He stressed monetary policy in a March editorial in The Wall Street Journal that estimated that Fed policies had cut real growth by as much as 1.5 percentage points in the past six months.
Kevin Hassett, Trump's top economic adviser, told the Post that the analysis was wrong because the administration was able to achieve 3.1 percent growth over the a year ago.
Moore, 59, previously served as a Trump 2016 campaign adviser and is now a visiting fellow at the Heritage Foundation. The Federal Open Market Committee indicated that the Fed is taking a more cautious tone with rates as it monitors inflation and other global economic developments.