Jerome Powell proves the Fed’s ‘independence’ is a myth

One of the least understood but most consequential aspects of American government is the United States Federal Reserve System. Bankers, investors, and even the president sit with bated breath, waiting to see how the Fed will manage interest rates.

The Fed is so important to the world economy that the president sometimes may feel the need to voice his administration’s position and hope the chairman of the Federal Reserve will acquiesce to his wishes. Sometimes, however, he may point out issues with the chairman’s performance, puncturing the claim of central bank independence. President Donald Trump recently accused Federal Reserve Chairman Jerome Powell of being too late with interest rate cuts “except when it came to the Election period when he lowered [interest rates] in order to help