A friend is an economist who works with others all over the world. He believes the FED's target is lower than it should be, and we'd be better off with them reducing rathers.
I believe the Fed is a quasi official govt. agency. They routinely report to Congress, the President, etc. but they don't take orders from them. They are appointed by the President, I believe with Congressional concurrence, but the point is, they can be jawboned by the President, Congress, etc. but they cannot order them to act. Worst case when they come up for reappointment, they don't get it.
If I remember correctly, the head of the Fed is appointed for 7 years, some single term Presidents never get a chance to appoint a Fed chair. Biden has pretty much been hands off with the Fed, Trump routinely jawboned them for lower rates, it hardly matters, they do what their numbers tell them to do, and I generally think they often go too far in both directions. They're either on the brakes, with interest rates that are to high, or they're on the accelerator, taking the interest rates too low. If they'd take the rate down something less than a point, and if they'd let the economy coast we'd probably continue being the strongest economy in the world.
Currently we have some of the lowest unemployment levels in history, but if interest rates don't come down some, it can easily turn around and put us into recession. I doubt if we'll ever see home loan rates below 3% again, but the current rates above 7% will eventually kill the housing market which will move a lot of people out of work and unemployment won't be at the lows they are now.
Gary
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