WASHINGTON — President Trump said on Friday that he had offered a position on the Federal Reserve’s Board of Governors to Stephen Moore, a conservative economic adviser who has become an outspoken critic of the Fed’s interest rate policy.
Mr. Moore has blamed the Fed’s rate increases over the past year for slowing economic growth and recently began calling on the central bank to begin cutting rates. An economist at the conservative Heritage Foundation, Mr. Moore helped draft Mr. Trump’s tax proposals in the 2016 campaign and has served as an informal adviser ever since.
As a nominee, Mr. Moore, 59, would face intense criticism in the Senate from Democrats, with whom he has clashed on several economic issues in his career as a commentator and policy advocate.
“I will be nominating Mr. Moore for the Fed,” Mr. Trump told reporters after landing in Palm Beach, Fla. “He’s going to be great on the Fed.”
The president added in a post on Twitter that Mr. Moore “will be an outstanding choice!”
The move seeks to elevate a Trump loyalist to the Fed, an institution that the president has repeatedly blasted for raising interest rates, which he says have been a drag on the economy. Mr. Trump has repeatedly criticized his handpicked Fed chairman, Jerome H. Powell, saying he does not agree with Mr. Powell’s approach.
In recent public writings and private meetings with Mr. Trump, Mr. Moore has pushed for the Fed to reverse at least two of the four interest rate increases that it approved last year. Mr. Moore blames those increases for a drop in commodity prices at the end of last year. He recently pushed the Fed to target commodity prices in setting interest rates, a view rarely advocated by economists and monetary policymakers.
“The Fed is sucking the oxygen out of the economy and has created an economically debilitating deflation,” Mr. Moore said in an email this month. “Deflation shrinks the economy. The Fed should reverse its disastrous rate hikes” of September and December.
“The one guy who gets this is Trump,” Mr. Moore added. “He told me in a meeting last month that the Fed is preventing us from staying on 3 to 4 percent growth path."
On Wednesday, The Wall Street Journal published an opinion piece in which Mr. Moore called the Fed the “last major obstacle” to a sustained economic boom.
“The deflation began with quarter-point interest-rate increases in September and December,” Mr. Moore and a co-author wrote. “These hikes caused a severe dollar shortage, a fall in commodity prices and a rapid slowing of growth — accompanied by wild swings in the stock market.”
In an interview that the Fox Business Network aired Friday morning, Mr. Trump appeared to echo much of Mr. Moore’s thinking, saying economic growth would have been higher last year if not for the Fed’s rate increases and its effort to slim down its holdings of government-backed securities, which some call “quantitative tightening.”
Mr. Trump has repeatedly criticized the choices being made by Mr. Powell. “Frankly, if we didn’t have somebody that would raise interest rates and do quantitative tightening, we would have been at over 4 instead of a 3.1” percent growth, the president said.
Asked if he had influenced Fed policy with his criticism, Mr. Trump said: “I don’t know. I mean, look, I hope I didn’t influence, frankly, but it doesn’t matter. I don’t care if I influenced or not.
“One thing, I was right,” he continued. “But we would have been over 4 if they didn’t do all of the interest rate hikes. And they tightened, I mean, they did billion a month. I said, ‘What are we doing here?’ And so I’m not — 3.1 may be the best in 14 years; I’m not happy with it. We should have had much higher.”
The Fed had been on a steady campaign to raise rates and ushered in five consecutive quarters of increases in 2017 and 2018. The Fed has since paused and adopted a more “patient” approach amid signs of economic weakness both in the United States and abroad. On Wednesday, it signaled that it foresaw no interest rate increases in 2019, a departure from December, when it forecast two rate increases this year.
After that December rate hike, Mr. Moore said Mr. Powell should resign as Fed chair, calling the increase “one of the most remarkable Abbott and Costello routines in modern times.”
In an interview with Bloomberg TV on Friday, Mr. Moore said those comments were made “in a time of anger” but said “everyone would now acknowledge that what they did in December with the rate increase was a substantial mistake.”
Mr. Moore added that he was not going to the Fed to be a “destructor” and that he looked forward to working with Mr. Powell, whom he has not yet met. Mr. Moore also demurred when asked about the size of the Fed’s balance sheet, saying he wanted to “study up” on the issue. In 2014, Mr. Moore co-wrote a research paper that called for the Fed to reduce its balance sheet by selling off securities through 2020.
“Over time, obviously, we want to reduce that balance sheet,” he said in the interview.
Mr. Moore would be Mr. Trump’s seventh Fed nominee. Aside from Mr. Powell, the Senate approved Mr. Trump’s nominations of Richard H. Clarida and Randal K. Quarles, both vice chairs, and Michelle W. Bowman. Two other nominees, Nellie Liang and Marvin Goodfriend, were opposed by some Senate Republicans, and Ms. Liang pulled her name from consideration. Mr. Goodfriend’s nomination lapsed in the last Congress.
Mr. Moore, who has a master’s degree in economics, was the founder of the conservative Club for Growth and a past member of The Wall Street Journal’s editorial board. His interest rate views have changed in recent years.
In 2015, when growth was slower and unemployment higher than it is now, he wrote a column criticizing the Fed for amassing .5 trillion worth of government backed bonds and for refusing to raise rates, and warned that the Fed chairwoman at the time, Janet L. Yellen, was setting the stage for another financial crisis.
“The Fed refused to raise interest rates off zero in September, and, hello, that easy money policy is how we got into the mess in 2000 and then in 2008,” he wrote. “Wall Street cheered Janet Yellen’s decision to keep the cheap dollars flowing. Isn’t this all starting to sound familiar?”
Many Fed watchers criticized Mr. Trump’s selection of Mr. Moore, even those who have called for keeping interest rates low to help workers and spur growth.
“Stephen Moore is a particularly poor choice for the Federal Reserve Board,” said Tim Duy, an economics professor and a Fed expert at the University of Oregon. “He appears more devoted to pursuing a far-right economic agenda than willing to understand the complexity of economic policy.”
In the past, Mr. Moore expressed qualified support for a return to the gold standard, which pegs the value of the dollar to gold prices, a practice the United States abandoned in 1971. In an interview in 2015, he agreed with his friend Steve Forbes that a return to such a standard would be “a lot better than what we have now.”
Mr. Moore said he would prefer to peg monetary policy to a basket of commodity prices, which he said would have a similar constraining effect as the gold standard on policymakers.
“I do think that some rule needs to be put in place,” he said, “so that people like Janet Yellen and these other central bankers aren’t making up these rules as they go along.”B:
芳草地心水论坛70238【发】【了】【发】【了】【发】【了】！ 【新】【书】【发】【了】！ 《【最】【终】【余】【晖】》！ 【发】【了】！
【时】【氏】。 【总】【裁】【办】【公】【室】。 【秦】【逸】【敲】【了】【敲】【门】。 “【进】。”【里】【面】【传】【来】【男】【人】【淡】【漠】【的】【嗓】【音】。 【秦】【逸】【打】【开】【门】，【拿】【着】【一】【叠】【文】【件】【走】【到】【了】【时】【墨】【渊】【的】【面】【前】。 【他】【将】【文】【件】【整】【齐】【的】【放】【在】【时】【墨】【渊】【的】【办】【公】【桌】【上】，【开】【口】【道】：“Boss，【这】【是】【最】【近】【要】【签】【的】，【还】【有】【一】【个】【新】【的】【方】【案】【要】【您】【看】【一】【下】，【以】【及】《【逆】【势】》【这】【几】【天】【网】【络】【的】【风】【声】【不】【太】【好】，【我】【们】【投】【的】【资】
【等】【莱】【斯】【知】【道】【的】【时】【候】，【苏】【糖】【已】【经】【在】【醉】【生】【梦】【死】【了】，【当】【然】，【希】【尔】【怕】【她】【玩】【脱】【了】，【还】【是】【非】【常】【尽】【责】【地】【在】【一】【旁】【盯】【着】。 【毕】【竟】【这】【位】【要】【是】【出】【事】【了】，【他】【也】【不】【用】【活】【着】【回】【去】【了】。 【不】【过】【希】【尔】【发】【现】，【这】【位】【是】【真】【的】【能】【玩】，【这】【种】【地】【方】【都】【能】【玩】【出】【这】【么】【多】【花】【样】，【佩】【服】，【真】【的】【是】【非】【常】【佩】【服】【了】。 【角】【斗】【场】【发】【生】【的】【事】【在】【北】【域】【称】【得】【上】【是】【大】【事】，【所】【以】【苏】【糖】【带】【着】【希】【尔】【前】
【已】【经】【战】【败】【的】【大】【顺】【军】【哪】【里】【是】【武】【装】【到】【牙】【齿】【蒙】【古】【骑】【兵】【的】【对】【手】，【被】【十】【万】【骑】【兵】【冲】【击】【的】【下】【场】【可】【想】【而】【知】。 【大】【顺】【军】【瞬】【间】【就】【乱】【作】【一】【团】，【被】【骑】【兵】【撞】【得】【人】【仰】【马】【翻】。【若】【不】【是】【李】【达】【仁】【曾】【有】【军】【令】，【尽】【量】【生】【擒】【大】【顺】【军】，【恐】【怕】【这】【十】【万】【人】【能】【活】【下】【来】【的】【很】【少】。 【一】【片】【石】【的】【战】【斗】【结】【束】【之】【快】【让】【人】【跌】【碎】【了】【眼】【镜】，【北】【华】【军】【以】【微】【乎】【其】【微】【的】【代】【价】【击】【败】【了】【大】【顺】【军】。 【毙】【伤】芳草地心水论坛70238“【若】【是】【那】【两】【尊】【冥】【将】，【待】【会】【又】【返】【回】【来】【怎】【么】【办】？”【赤】【甲】【天】【将】【皱】【眉】【问】【道】。 【陇】【山】【微】【微】【摇】【头】【笑】【道】：“【这】【一】【次】，【一】【尊】【上】【位】【冥】【将】【陨】【落】，【其】【余】【的】【中】【位】、【下】【位】【冥】【将】【全】【部】【葬】【送】【与】【此】。【就】【算】【它】【们】【敢】【回】【来】【干】【扰】，【我】【们】【出】【手】【至】【少】【也】【能】【再】【留】【下】【一】【尊】。” 【刚】【才】【连】【续】【大】【战】，【应】【该】【已】【经】【汇】【聚】【了】【附】【近】【方】【圆】【数】【百】【丈】【内】【的】【所】【有】【冥】【将】。 【现】【在】，【再】【没】【有】【冥】【将】【能】
【这】【日】【一】【大】【早】，【清】【舒】【起】【来】【到】【院】【子】【里】【打】【拳】。 【一】【套】【拳】【打】【完】【清】【舒】【满】【头】【是】【汗】，【接】【了】【毛】【巾】【一】【边】【擦】【汗】【一】【边】【说】【道】：“【几】【个】【月】【没】【打】【拳】，【现】【在】【一】【动】【全】【身】【疼】。” 【感】【觉】【身】【体】【都】【僵】【硬】【了】，【所】【以】【说】【平】【日】【里】【不】【动】【不】【行】【啊】！ 【红】【姑】【说】【道】：“【打】【几】【次】【习】【惯】【就】【好】【了】。” 【早】【餐】【比】【较】【简】【单】，【粳】【米】【粥】【跟】【小】【笼】【包】【以】【及】【肉】【饼】，【还】【有】【鸡】【蛋】【跟】【羊】【奶】。 【福】【哥】【儿】【啃】