A top Fed official recently pushed back against the narrative that central banks should cut rates just to ease government borrowing costs. The core issue? Institutional independence. When policymakers start treating interest rate decisions as a tool for financing government debt, it blurs the lines between monetary policy and fiscal policy—and that's exactly the kind of pressure that undermines Fed autonomy. This matters because markets need to trust that rate calls are made based on inflation and employment data, not political or budgetary convenience. Once that independence erodes, credibility goes with it, and everyone from investors to regular savers starts questioning the whole system.