Lagarde: "When the Chair of the Federal Reserve publicly defended the institution’s independence, the ability to contain political pressures was thanks to the public support built up over the years through the Fed’s independent decision-making. Voices from across the political spectrum had also underscored this independence. The matter is not settled, but we can clearly see the mechanism at play: where credibility exists, defending independence does not fall on the central bank’s shoulders alone. Instead, it is upheld by all those who have witnessed its value."(Nick Timiraos)