With Trump in Power, the Fed Gets Ready for a Reckoning

"We're a little obsessed with the Fed, and that's part of the problem," said Judy Shelton, director of the Sound Money Project at the conservative Atlas Network and a member of Mr. Trump's economic advisory group. "Instead of people looking to the Fed to be planning things, it should be in the background, providing a solid foundation of monetary integrity for real economic and entrepreneurial activity."

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"A core view of many Trump advisers is that the extended period of emergency policy settings has promoted a bubble in the stock market, depressed the incomes of savers, scared the public and encouraged capital misallocation," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. "Right now, these are minority views on the F.O.M.C., but Trump appointees are likely to shift the needle."

Other observers, however, are less certain that Mr. Trump will want to hit the brakes. Mr. Shepherdson acknowledged that it was "unusual" for politicians to push for higher interest rates. And Joseph Gagnon, a former Fed economist and a fellow at the Peterson Institute on International Economics, said Mr. Trump's own statements suggested he might decide he likes what the Fed is doing. "It's going to be Trump against his advisers, or against the Republicans in Congress," he said.