{"id":115933,"date":"2019-03-23T18:17:20","date_gmt":"2019-03-23T18:17:20","guid":{"rendered":"https:\/\/www.bnreport.com\/fed-nominee-moore-says-december-rate-hike-was-a-big-mistake\/"},"modified":"2019-03-23T18:17:20","modified_gmt":"2019-03-23T18:17:20","slug":"fed-nominee-moore-says-december-rate-hike-was-a-big-mistake","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/fed-nominee-moore-says-december-rate-hike-was-a-big-mistake\/","title":{"rendered":"Fed nominee Moore says December rate hike was a big mistake"},"content":{"rendered":"

By Craig Torres and Rich Miller<\/strong><\/p>\n

Federal Reserve nominee Stephen Moore<\/a> called the Feds December interest-rate hike \u201ca very substantial mistake\u201d while adding that he looks forward to working with Chairman Jerome Powell to help ensure the US economy continues to expand.<\/p>\n

\u201cEveryone would now acknowledge that what they did in December with the rate increase \u2014 it was a very substantial mistake,\u201d Moore said in an interview Friday with Bloomberg Television. Asked about whether a rate cut is needed, he said \u201cIm not sure about that \u2014 Id have to take a closer look at it.\u201d<\/p>\n

Hours earlier, President Donald Trump<\/a> announced plans to nominate Moore for one of two vacancies on the Feds seven-seat board, confirming an earlier Bloomberg News report. The president later said in a tweet that Moore is \u201ca very respected economist\u201d and said he has \u201cno doubt he will be an outstanding choice.\u201d Nominees for the job are subject to Senate confirmation.<\/p>\n

Moore, an economist at the conservative Heritage Foundation, said in the interview that he and Trump \u201cthink a lot alike\u201d when it comes to economics. \u201cI really believe we can have 3 to 4 per cent growth for next five to six years.\u201d<\/p>\n

Fed officials on Wednesday penciled in a long-term growth estimate of 1.9 per cent for the US economy.<\/p>\n

\u201cI dont want to be a disruptor,\u201d Moore said. \u201cI want to be somebody who can really help Chairman Powell and the others on that board to construct to the best pro-growth, stable price system that we can for this country.\u201d<\/p>\n

In a radio interview in December, Moore said that Powell and others members of the Fed board \u201cshould be thrown out for economic malpractice after raising rates that month.<\/p>\n

Speaking to Bloomberg on Friday, Moore said that comment was probably made \u201cin anger and he repeatedly emphasized his willingness to work with and learn from policy makers and officials at the Fed.<\/p>\n

He argued that Trumps policies had created a global demand for dollars by increasing the attractiveness of the US as a place for investment and said the Fed had worked at cross purposes to that by tightening credit and withdrawing money from the economy.<\/p>\n

Deflation Worries<\/strong>
As a result, \u201cIm worried more on the deflation side right now than the inflation side, he said, pointing in particular to a broad-based fall in commodity pricRead More<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

By Craig Torres and Rich Miller<\/p>\n

Federal Reserve nominee Ste..<\/p>\n","protected":false},"author":1,"featured_media":115934,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-115933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nFed nominee Moore says December rate hike was a big mistake - Business News Report<\/title>\n<meta name=\"description\" content=\"By Craig Torres and Rich Miller Federal Reserve nominee Ste..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/fed-nominee-moore-says-december-rate-hike-was-a-big-mistake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed nominee Moore says December rate hike was a big mistake - 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