Former Trump senior economic adviser Steve Moore said on Sunday he doesn’t believe there will be an economic recession and added that President Trump has a better feel for the economy than economists at the U.S. Federal Reserve.
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“The interesting thing about Donald Trump, I mean he's not a trained economist,” Moore told “Sunday Morning Futures.” “They have 300 Ph.D. economists over at the Fed, but he has a better feel for the economy than the economists over at over at the Federal Reserve.”
Moore said the economy has slowed down slightly due to the Fed being “too tight” with monetary policy and the ongoing trade war with China, though he still supports the president’s handling of the situation.
“This is short term pain for long term gain,” Moore said of Trump’s strategy. “China is a big problem … Everything they're doing whether it's stealing our intellectual property, whether it's closing off their market to us – Trump is fighting the good fight here. But yeah it's hurting the economy.”
Also, while the Fed cut interest rates last month by a quarter-point, the president still railed against the U.S. central bank and its chairman, Jerome Powell, for not making a larger rate cut. Moore said Trump’s call for a rate cut of a full point would be “a little bit aggressive.”
Moore also said that the Fed needs to inject more dollar liquidity into the U.S. economy and “they need to do it quickly,” and is calling for the central bank to hold an emergency meeting.
“Why wait till the middle of September?” Moore said. “It's only going to slow down the economy if they wait.”