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Question: Is a country trending in a healthy direction if the head of its central bank releases an SOS message about the political persecution he’s suffering?

On Sunday evening, the Federal Reserve posted a video of Chairman Jay Powell speaking directly to the camera about how the Justice Department had launched a criminal investigation into the Fed. While superficially related to excessive Federal Reserve building renovation costs, Powell said, “the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.” The administration is trying to spook Powell into cutting rates deeper and, if he doesn’t, ginning up cause to fire him.

You don’t want a central bank that makes interest rate decisions according to presidential demands. There’s significant

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