The soon-to-be top Democrat on the Senate Banking Committee cautioned Scott Bessent, Donald Trumpās pick to be the next treasury secretary, to respect the Federal Reserveās policy independence.
āI have been a fierce critic of Fed Chair Jerome Powellās extreme interest rate hikes and lack of transparency, but I have never questioned that it is his job to make those decisions. It would be a serious error for the Trump administration to interfere with the Fedās independence, as Mr. Bessent has suggested,ā Sen. Elizabeth Warren (D-Mass.) said in a statement Monday.
Big Point.
She is specifically referring to the Federal Reserve Bank's "Independence." Ask a sheep to describe, independent from what exactly..?
If people understood...
There is nothing federal and there is nothing in reserve.