Key Words: ECB’s Mario Draghi is worrying about the fate of the Fed’s independence

Concerns about central-bank independence are on the rise.

Take, for example, the cover of this week’s edition of the Economist:

And while not solely a U.S. concern, a steady stream of complaints by President Donald Trump about the Federal Reserve’s earlier string of interest-rate hikes and his announcement he would nominate Stephen Moore and Herman Cain — both widely criticized as unqualified and likely to act at the behest of the White house on policy decisions — to the central bank’s governing board have sparked fears the central bank’s policy independence could be at risk.

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