Former CEA chair: Protecting Fed independence is critical for U.S. and global economy

Federal Reserve Independence - Protecting Federal Reserve independence is critical for the global economy [3] - Compromising central bank independence can lead to higher inflation and interest rates [5] - The independence of the central bank should not be compromised by political authorities [5] - There is concern about potential political interference with the Fed board [11][19] Monetary Policy and Economic Indicators - The Atlanta Fed is tracking at 39%, and core PCE is at 29% [12] - Recent payroll growth is under 30,000 per month, indicating cracks in the labor market [13] - The unemployment rate is nudging up slowly, currently at 43%, while the black unemployment rate is 715%, up from 6% in May [14] - An October rate cut is likely baked in, but a December rate cut should be approached with caution due to sticky inflation and stronger consumer spending [13][15] Lisa Cook Allegations - Allegations against Lisa Cook are considered unproved and a potential pretext for political interference [9][19] - Lower courts have seemingly agreed that Lisa Cook's due process has been negated [17] - As a monetary policy Fed governor, Lisa Cook has been performing fine [19]