>> The Fed lost its independence at least a year ago, since the President has maintained a sustained and public campaign to pressure them.

> Your first paragraph has been said by various people for various reasons for at least the last 10 years.

It's truer now that it's ever been:

Yesterday: Trump Says He Could Demote Fed Chair Powell, Risking More Market Turmoil (https://www.nytimes.com/2020/03/14/business/economy/trump-po...)

Today: Trump congratulates Fed for rates cut, calls action 'terrific' (https://www.reuters.com/article/us-health-coronavirus-centra...)