The Imaginary World of Fed "Independence"
The rhetoric of independence allows the Treasury and the Fed to cooperate when convenient and deflect blame when something goes wrong.
Source: Mises Institute
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DW NOTE
The Treasury Secretary wants the Fed to raise borrowing caps so Japan can prop up the yen without selling Treasuries and spiking US yields. Then he calls this arrangement "Fed independence." Independence means choosing your own course. This is the Treasury asking the Fed to absorb the cost of Japanese currency intervention to keep American debt servicing cheap. That's coordination, not independence.