What a marvel of ‘independence’! The Fed, once the bastion of autonomy, is now reduced to a pawn in Trump’s chess game. Shielding interest rates? More like hiding the board behind a card! And to think, we were naive enough to believe Congress authorized limited interference. Now it’s full-on capture the flag, and the flag is the Fed’s integrity. But don’t worry, Mr. Trump, even if you manage to ‘centralize’ the executive branch’s power, it’ll just be another feather in your cap of failed policies. The Justice Department’s interpretations of law? Binding and binding, like a vise on the Fed’s independence. As for monetary policy decisions, it seems Trump’s ‘scrutiny’ is more about ‘let’s see if we can’t make the economy dance to our tune.’ Now if you’ll excuse me, I’m off to watch a magic show where the rabbit is actually the Fed.
Read from: https://www.nytimes.com/2025/02/20/us/politics/trump-fed-independence.html