The Fed, like the Supreme Court, the Department of Justice, and the military, is designed to be a nonpartisan entity. To the extent that these institutions are run by and for politicians, we are in deep, deep trouble.
Stephen Moore is nothing more or less than a right-wing political hack. He is perfectly capable of taking completely inconsistent positions on monetary issues simply based on who is in power. That is potentially an enormous problem.
If Moore is confirmed, he is going to be voting based on Donald Trump’s approval ratings, not on any kind of reasonable ideology on monetary policy. You can easily imagine him demanding lower interest rates during a Republican administration and higher rates during a Democratic administration regardless of the underlying conditions. You can even, with no trouble, imagine him deliberately sabotaging the economy under a Democratic president in order to impact the next election.
This is a very serious issue that will probably fly under the radar, given everything else that is going on right now. We can only hope that there are enough principled GOP senators to vote against his confirmation. That sounds like spitting in the wind.