A year ago, we asked bankers what changes they would favor to limit the Fed’s independence. While some bankers supported ideas like shortening the appointment term of the Fed chair (24%), the majority (55%) wanted to keep the status quo. Furthermore, only 5% agreed with requiring the Fed to consult with the president on interest rate decisions.
Today, bankers support protecting the central bank’s independence from political interference even more strongly. Ninety-five percent report that maintaining Fed independence in conducting monetary policy is important, with 75% indicating strong support.