The Federal Reserve’s recent quarter-point rate cut, the first since last December, comes at a time when the central bank’s independence, something I feel strongly about, faces growing scrutiny and calls for action are louder than ever. While the Fed maintains its official mandate of taming inflation, concerns about economic resilience, highlighted by weaker-than-expected employment data, ultimately tipped the balance. Markets now widely expect the Fed to deliver as many as two additional cuts before year-end.

Inflation remains an underlying concern. The Producer Price Index, often viewed as one of the most reliable indicators, continues to run hotter than policymakers prefer. For August, the index saw a 2.61% increase year-over-year, according to the Bureau of Labor Statistics. Complicat

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