The Wall Street Journal and other establishment voices have accused President Trump of trying to “take over” the Federal Reserve—particularly following the appointment of Stephen Miran and the attempted removal of Fed Governor Lisa Cook. But as Connor O’Keeffe of The Mises Institute argues, these fears are less about protecting monetary independence and more about optics. The political class has long been comfortable with inflationary policy, deficit spending, and a politicized Fed—as long as it served bipartisan interests. What worries them is that Trump’s assertiveness may expose that the Federal Reserve’s supposed “independence” has always been a myth.
Key Takeaway
For decades, the illusion of an “independent” Fed has helped maintain public faith in a system that quietly enables inflation, deficits, and asset bubbles. Trump’s open pressure on the central bank doesn’t fundamentally change that dynamic—it simply strips away the pretense. The real concern in Washington isn’t about politicization; it’s about losing the cover story that allowed it to happen unnoticed.
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