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The Federal Reserve shouldn't be driving the United States economy because monetary stimulus is quite limited, Trump economic advisor Judy Shelton told CNBC on Wednesday.
"What you want is productive growth and the kind of growth that is truly stimulated by tax reform, by regulatory reform, trade reform and important infrastructure projects to upgrade our ability to be more productive as a nation," she said in an interview with CNBC's "Closing Bell. "
That's what President-elect Donald Trump has pledged to do when he takes office, and the market apparently likes what it's hearing. It has been rallying since Trump's surprising win on Nov. 8, and on Wednesday the Dow Jones industrial average and hit all-time highs.
However, the Fed meets next week and it is widely believed it will hike interest rates. Shelton, though, doesn't believe a small rate increase is going to derail the rally because it is already priced in.
If there is turmoil, then "things are a lot more fragile than we thought," she said.
Shelton, co-director of the Sound Money Project at Atlas Network, is known to favor the gold standard and calls the U.S. monetary system an "anti-system."
She's also been touted by some as a good candidate to fill empty Fed spots. Jim Grant, founder and editor of Grant's Interest Rate Observer, told CNBC recently he likes Shelton as a replacement for Chair Janet Yellen when she retires in early 2018.
Shelton, however, had no comment on whether she is up for or is considering taking any position within the central bank.
"It's a privilege to be involved in the transition effort. I'm very excited for the future for our country. I think that the economic prospects are really looking up, and that's my main focus at this point," she said.