How the Fed and Congress could boost confidence (David Wessel, Brookings)

The U.S., like nearly all other major capitalist democracies, has decided that its economy is better off with a central bank that can adjust interest rates without a lot of political interference. If elected politicians set interest rates, the theory goes, they inevitably err on the side of a little more growth now even if that means a little more future inflation than is desirable.

http://www.brookings.edu/research/opinions/2016/02/10-fed-congress-could-boost-confidence-wessel