All METARs are aware that President Trump is trying to force the Federal Reserve to reduce the fed funds rate.

I have read many articles about this but the authors of this one caught my eye.

wsj.com - Trump lisa cook and the federal reserves independence

The central bank differs from other agencies in that the power to coin money belongs to Congress.

By Phil Gramm and Jeb Hensarling, The Wall Street Journal, 9/4/2025

The Constitution gives Congress the power to coin money and regulate its value. Congress, in fulfilling that delegated responsibility, created the Federal Reserve. In carrying out narrowly defined monetary policy, the Fed isn’t subject to executive authority….

Despite the Fed’s failings, we continue to support its independence in conducting monetary policy and oppose the president’s attacks on it….

Presidential control of monetary policy would be a threat to financial stability and American prosperity…. [end quote]

Mr. Gramm, a former chairman of the Senate Banking Committee, is a nonresident senior fellow at the American Enterprise Institute. Mr. Hensarling, a former chairman of the House Financial Services Committee, is an economics fellow at the Cato Institute.

Asking whether these eminence grises are conservative is like asking whether the Pope is Catholic. It just doesn’t get any more conservative than this!

To me, this is signed, sealed and delivered. Pundits from the left, center, right and just plain financial atheists (so to speak) want the Federal Reserve to be independent. The New York Times and The Wall Street Journal want the FOMC to make independent decisions and predict market instability if the President is allowed to manipulate the Fed.

Even if that wasn’t true (and I think it is) the consensus will become a self-fulfilling prophecy if President Trump indeed packs the FOMC with his stooges.

Wendy