Economist Stephen Moore told Newsmax on Wednesday he blames Federal Reserve Chairman Jerome Powell for high inflation.
Moore, a senior visiting fellow at The Heritage Foundation, was on “The Chris Salcedo Show” after a divided Fed cut interest rates by a quarter of a percentage point. Powell said another rate cut in December is far from certain.
“It’s obvious that he doesn’t like Trump,” Moore said. “He’s been all over the map. He’s one of the most overrated Fed chairman ever.”
Moore blamed Powell for allowing inflation to rise to 9% under former President Joe Biden.
“We had 22% increases in prices,” Moore said. “If you’re angry, as my wife is about what it cost for groceries today, don’t blame Donald Trump. Blame Jerome Powell.”
Moore said the Federal Reserve, despite having 300 economists with doctoral degrees, has a bad economic model.
“They believe growth causes inflation,” Moore said. “That’s false.”
“If the economy produces more apples, what happens to the price of apples?” Moore continued. “They go down, not up. They drop.”
“The growth phobia of the Fed is completely wrongheaded,” Moore added.
Moore has an upcoming editorial in the New York Post called “Fire the Fed.”
“The Fed is out of control. They are restraining growth and they don’t understand what Trump is doing,” Moore said.
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