Steelman · slot B
The firewall around monetary policy
A central-bank veteran would argue —Powell stayed silent through months of insults. What finally broke that silence was a Justice Department criminal investigation opened against him over testimony about building renovations — and his Sunday-night video named the stakes precisely: "whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation." That is the entire ballgame. The Fed cut rates three times in 2025 and held when tariffs made the inflation path uncertain — exactly the evidence-based judgment its mandate requires. The moment a president can prosecute a Fed chair into compliance, the dollar's credibility, Treasury yields, and every long-term contract priced off them rest on the president's mood. Senator Tillis was right to pause Warsh's confirmation while that probe was live; the precedent matters more than any single nominee.