Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Photo: ANDREW CABALLERO-REYNOLDS/AFP/Getty Images
All 4 living former Fed chairs co-signed an op-ed in the Wall Street Journal Monday, warning of the troubles with a Federal Reserve beholden to short-term politics instead of independently working to meet its mandates of maximum employment and stable prices.
Why it matters: Current Fed chairman Jerome Powell has faced mounting (and unusual) criticism and pressure from President Trump to cut interest rates — something he finally did last week. As Axios's Felix Salmon notes, it'll only make it harder for Powell to maintain an appearance of independence.