The Fed Made a Mistake Hiking Rates in December, and Has Admitted It

The Fed Made a Mistake Hiking Rates in December, and Has Admitted It

Club for Growth founder and former-Trump campaign adviser Stephen Moore says his harsh criticism of the Fed for raising interest rates was ‘spot-on’.

In an in interview Monday with The Wall Street Journal, Mr. Moore, President Trump’s pick for a Federal Reserve Board seat, said the central banks’ recent policy pivot proves he was right.

Mr. Moore had called Fed Chairman Jerome Powell “totally incompetent”, and called for his resignation after the December hike, the WS-J reported.

“They made a mistake,” Mr. Moore said. “Nobody’s perfect. They have admitted they made a mistake. Was I harsh? Yes, and I wish I hadn’t been.”

Most officials have now projected there will be no rate increases this year if the economy performs as expected. And the policy pivot, Mr. Moore said, it is “an example of where I was right, and where my critics were wrong.”

“I’m a big fan of the President, and I am a big fan of what has done for the economy,” he said, noting his opposition to President Trump’s steel tariffs.

“I’m not a sycophant for Trump,” he said.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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