Regardless of whether Moore is an idiot, the Fed brought this on themselves with policy error - treating the 2% inflation "target" as a ceiling and tightening in the absence of any inflation pressure. Adhering to models which have been repeatedly wrong over the last 10 years does not help their cause.



For the Fed to stay independent they need to deliver results. They are rarely more than one mistake away from losing their independence. Delivering a recession when there is no inflation would be a major mistake. See also: Tim Duy. The Fed has been making a policy error with excessively tight policy for years (see also: Scott Sumner), the chickens are coming home to roost with Moore.



Voters elected Trump to send a giant fuck you to failing elite insular technocratic institutions. Moore would be a giant fuck you to the Fed. I would feel some sympathy to the FOMC members for having to put up with Moore, except that the Fed has been failing for years in my mind with tight policy, treating the 2% as a ceiling, plus for the Fed not to get it 2 years into the Trump presidency validates their status as an elite insular technocratic institution in need of shake up.