THE FED IS UNDER FIRE — AND NOT FROM WHERE YOU’D EXPECT The Federal Reserve has long operated above the political fray. That’s the story they tell. Quiet experts. Careful decisions. No politics. But that story is breaking down. Right now, we’re watching a direct confrontation between political leadership and the central bank. Trump is refusing to back off pressure tied to an investigation into Jerome Powell. At the same time, Kevin Warsh—his pick for Fed chair—is trying to convince Congress he’ll protect the institution’s independence. Two forces. One system. And no clear resolution. This isn’t routine. This is a stress test of how “independent” the Fed really is. WHAT “INDEPENDENCE” REALLY MEANS Warsh made one thing clear in his…
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