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Ex-Fed chairs emphasize need for independence in joint WSJ op-ed

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.