I am not as sold as I was on "Fed Independence".
Firstly, why should we have rogue agencies? It seems like a failed model of governance.
Second, the bigger picture is that the Fed has failed in every way, why would I even care if they are independent?
Third, their mandate is price stability and full employment. But the big problem is that their interest rates will bankrupt the federal government. They weren't set up to deal with this. There is no "best case scenario" for the Fed. They are useless. Rate hikes do not reduce tariffs, what a ludicrous idea. It's an absurd institution.
There will be rate repression and surging inflation. There can be nothing else. There are no good outcomes with bad government.
June money supply grew about 4%, lower than the rate that would support 2% inflation. We are well below the 2% target. We will continue to see lower CPI for the near term, mostly due to a lack of animal spirits.