FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “Federal Reserve nominee Marvin Goodfriend told lawmakers Tuesday [1-23-18] he supports the central bank’s dual mandate to maintain stable prices and pursue maximum employment, after sharp questioning from Democrats over his past comments suggesting the Fed should focus on inflation.
Democrats pressed Mr. Goodfriend at his confirmation hearing to explain his warnings following the financial crisis that the Fed should move quickly to raise interest rates, including remarks in 2012 in which he said inflation could begin to rise dangerously if the Fed let the jobless rate fall below 7%. The unemployment rate in December was 4.1%, and inflation has continued to run below the Fed’s 2% objective…
Ms. Warren said she thought it would be a mistake to put Mr. Goodfriend on the Fed board.
President Donald Trump nominated Mr. Goodfriend, a Carnegie Mellon University professor and former Fed economist, in November to fill one of three vacancies on the board.”
-Kate Davidson, “Goodfriend Tells Lawmakers He Backs Fed’s Dual Mandate on Jobs, Prices,” The Wall Street Journal online, Jan. 23, 2018 01:57pm