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Fed Nominees Would Bring New View of Inflation

White House chief economic adviser says nominees will challenge the notion of a trade-off between unemployment and inflation.

By Reade Pickert & Craig Torres | July 09, 2019 at 12:48 PM

President Donald Trump’s latest picks to serve on the Federal Reserve Board will challenge the long-standing notion that there is a trade-off between low unemployment and higher inflation, according to his chief economic adviser.

Trump last week said he intends to nominate Judy Shelton and St. Louis Fed research director Christopher Waller to serve on the Fed’s Board of Governors. Shelton’s previous views on the gold standard and her doubts about the central bank’s mandates from Congress to pursue stable prices and maximum employment have raised concerns among economists. She called the mandate “nebulous objectives” in an interview with Bloomberg in May.

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