President Donald Trump's latest picks to serve on the Federal Reserve Board will challenge the long-standing notion that there is a trade-off between low unemployment and higher inflation, according to his chief economic adviser.

Trump last week said he intends to nominate Judy Shelton and St. Louis Fed research director Christopher Waller to serve on the Fed's Board of Governors. Shelton's previous views on the gold standard and her doubts about the central bank's mandates from Congress to pursue stable prices and maximum employment have raised concerns among economists. She called the mandate “nebulous objectives” in an interview with Bloomberg in May.

“We are challenging the Phillips Curve status quo,” Lawrence Kudlow, National Economic Council director, told reporters Tuesday. “You betcha. I mean, I spent my whole career on that, and the president agrees with this, of course he agrees with this, so Judy's going to be a leader on that and so will Waller.”