In setting monetary policy, Federal Reserve policymakers often talk about the many data points they consider before deciding what to do with interest rates. The one factor they say they don’t consider is politics, especially in an election year.

Just this week, Fed Chairman Jerome Powell noted at the Stanford Graduate School of Business that Fed policymakers “serve long terms that are not synchronized with election cycles,” adding that “our decisions are not subject to reversal by other parts of the government, other than through legislation. This independence both enables and requires us to make our monetary policy decisions without consideration of short-term political matters.”

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