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When the White House Fights The Fed, The White House Wins -- Always
The Federal Reserve backed off its plans for aggressive interest rate hikes next year after President Donald Trump relentlessly and personally bashed chairman Jerome Powell--a recent Trump appointee, no less. The Federal Reserve and its defenders stress the importance of its independence from outside interference. Otherwise, they maintain, election-worried Washington politicians and special interests would distort decision-making, which would end up doing real economic harm. Our central bank has done a remarkable job over the years creating an aura that those who attack it are either ignoramuses or cranks outside the ... (full story)