2025-09-23
5 分钟The Economist Hello, Mike Bird here, co-host of Money Talks,
our weekly podcast on markets, the economy and business.
Welcome to Editors Pics.
We've chosen an article from the latest edition of The Economist,
which we very much hope you'll enjoy.
The Federal Reserve is usually run by technocratic consensus.
Today, it has become a battleground.
On September 17th,
the Fed cut interest rates for the first time
since December by a quarter of a percentage point to 4 to 4.25%.
One of its governors, Lisa Cook,
could attend only because a court blocked President Donald Trump from sacking her.
Another, Stephen Myron, was confirmed just before the meeting for a short stint,
after which he says he will return to his job at the White House.
It is an unseemly arrangement for a central bank that should be independent of politics.
Mr Myron dissented in favour of a half-point rate cut.
And he appears to have called for three such moves by the end of the year,
twice what the next most dovish committee members suggested in their anonymous projections.
The Fed finds itself at a dangerous moment,
and not just because of Mr Trump's quest for lower rates.