Fed's Mickey Box: Powell avoids fierce disagreements and strives to prove Fed independence

Golden Finance reported that "Federal Mickey Box" Nick Timiraos: When the Fed cut interest rates on Wednesday, it seemed like a routine monetary policy operation on the surface. The market response was relatively flat, and Chairman Jerome Powell basically avoided the fierce disagreement caused by the decision, although it was in the context of unprecedented political confrontation. Powell’s policy shift in Wednesday’s rate cut could represent his last effort to prove that an independent U.S. central bank still has the ability to lead the economy in a complex environment, rather than abandoning independence before officials more in line with President Trump’s priorities gain greater control. Powell's presidential term will end next spring. For the third time in his term, Powell tried an extremely subtle operation: the rate cut was not because the recession was imminent, but to prevent it from happening. (Jin Shi)