
Why the Fed’s Independence Matters
As I write this column late on Monday afternoon, the major U.S. equity market averages (Dow Jones Industrials, S&P 500, and NASDAQ) are each off between two and three percent for the day, continuing a downward trend that has been going on since mid to late February. While much of the recent volatility in these markets have been blamed on uncertainty related to the Trump administration’s tariff policies (please see my April 9 column), additional uncertainty has been thrown into the mix, as President Trump has threatened the traditional independence