This Isn’t the First Time the Fed Has Struggled for Independence NYT | Top Stories By: Jeff Sommer 11 December 2025 at 22:57 The Trump administration is threatening the Fed’s autonomy, which the central bank regained with the Treasury-Fed accord in 1951. © Anna Rose Layden for The New York TimesIn the decades before 1951, the Federal Reserve functioned, to a large extent, as an adjunct of the Treasury and the White House.
Trump Gets to Pick a New Fed Chair but a Divided Board Still Gets a Say NYT | Top Stories By: Colby Smith 11 December 2025 at 22:17 President Trump wants substantially lower borrowing costs, but officials at the central bank appear ready to resist delivering further cuts if the economic backdrop does not warrant it. © Caroline Gutman for The New York TimesThe Federal Reserve is facing a time of little consensus, with policymakers at odds over whether to continue cutting interest rates.
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