Economics
Fed Nominee Moore Calls December’s Rate Hike a ‘Substantial Mistake’
- Trump calls his former tax-cut adviser ‘respected economist’
- A QE critic, Moore pledges to ‘study up’ on Fed balance sheet
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Federal Reserve nominee Stephen Moore called the Fed’s December interest-rate hike “a very substantial mistake” while adding that he looks forward to working with Chairman Jerome Powell to help ensure the U.S. economy continues to expand.
“Everyone would now acknowledge that what they did in December with the rate increase -- it was a very substantial mistake,” Moore said in an interview Friday with Bloomberg Television. Asked about whether a rate cut is needed, he said “I’m not sure about that -- I’d have to take a closer look at it.”