The Fed’s credibility with markets is one of its most powerful tools, writes jmackin2
Central bank independence rests on a shaky platform, and the Federal Reserve’s is especially wobbly. As policy makers prepare to discuss rate cuts, they face double trouble politically. Cutting rates to compensate for the damage done to the U.S. economy by tariffs risks co-opting the Fed into Donald Trump’s trade battles. Worse, easing looks like the Fed is caving in to Mr. Trump’s public demands for rate cuts.
So far Fed chairman Jerome Powell has done a good job of avoiding political controversy, insisting that Mr. Trump...
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