New York Times highlights inconsistencies
The New York Times just published a look at Fed nominee Judy Shelton and the difficult road she has for confirmation in the Senate.
Given the looming election and Supreme Court fight, he chances of being confirmed are a longshot at this point. Today's NYT report isn't going to help. It goes beyond her professional life and into her personal life where she has had battles with zoning officials.
Ms. Shelton has made contradictory statements about issues of importance to a future central banker: She once pushed for higher interest rates and a return to a gold standard before backing away from those positions as she sought to secure President Trump's nomination to the Fed and congressional support.
Those inconsistencies extend to her private life, where she has failed to apply her public view that markets and businesses should operate unencumbered and free of government interference to her own backyard.
It doesn't add much to what's already known, aside from a fight with a mining company and a neighbour about zoning.
The report does highlight that if confirmed, Shelton could be in position to replace Jerome Powell as chair if Trump uses a legally-dubious maneuver to demote him. Given that Powell has cut rates to rock bottom, I don't think Trump (if re-elected) will attempt to do that and name Shelton as chair.
