“It’s by now widely agreed, almost all over the world: If you leave monetary policy in political hands, you’ll get too much inflation,” Alan Blinder, a professor of economics at Princeton University and former vice chairman of the Federal Reserve, told ABC News.

Former president of the Federal Reserve Bank of Cleveland Loretta Mester says it's important that the Fed stays independent and that fiscal politics should not interfere with monetary policy makers and their decisions.

What Happened in Markets Today The debate on the Fed continued. Former Federal Reserve governor Kevin Warsh, a potential nominee to succeed Fed Chair Jerome Powell, said on CNBC that the Fed should stay independent.

The Fed is an outsourced creation of Congress whose officials are appointed by presidents and confirmed by Congress. Of course it’s political. It can only be political.

As a result, the long standing abhorrence to a central bank, advocated as early as Thomas Jefferson’s administration and by much of rural America was overcome. At the request of President Woodrow Wilson,