New York CNN —
For over 70 years, the US central bank has operated as an independent government agency. When officials meet to decide where interest rates should be, they don’t consult the president and other elected officials — and for good reason.
That’s because, as one former Federal Reserve chair famously said, central bankers’ job is to remove the punchbowl right when the party is just getting started. Said differently, they have to make unpopular decisions that ultimately seek to benefit the economy in the long run.
But the Fed’s independence could be compromised
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