Christopher Waller, is the more conventional choice drawn from within the Fed’s own ranks. The other, Judy Shelton, has spent decades outside mainstream economics and has already faced criticism for some of her unconventional views on monetary policy.
Judy Shelton, U.S. executive director for the European Bank for Reconstruction and Development, speaks during an interview in Washington, D.C., U.S., on Wednesday, May 29, 2019. Shelton, a conservative economist whom the Trump administration is considering for a vacancy on the Federal Reserve, said the central bank should avoid restraining growth while the U.S. is engaged in a trade war with China.
The overture came after the White House talked to his boss, Bullard, about joining the Fed board of governors himself. But Bullard told reporters last month that he’s happy in his current position. Waller also said that he doesn’t worry about pushing the unemployment rate too low and sparking higher prices. “We don’t buy into the Phillips curve story that low unemployment causes inflation. Look at Japan,” he said.Shelton, who didn’t immediately respond to a request for comment, has a doctorate in business administration from the University of Utah with an emphasis on finance and international economics.
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