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Cato Weekly Podcast • October 28, 2025 

# Political Pressure and Monetary Policy 

Both Republicans and Democrats pressure the Fed toward different agendas, revealing deeper institutional problems. Norbert Michel and Jai Kedia argue that broad discretion and an inflated view of the Fed’s influence enable mission creep and capture regardless of who holds power. The solution? Congressional legislation establishing clear rules.

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

##### [Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/norbertjmichel) 

[![jai-kedia-cropped.jpg](/sites/cato.org/files/styles/author_picture/public/2023-07/jai-kedia-cropped.jpg?itok=In6dB8gW)](/people/jai-kedia) 

##### [Jai Kedia](/people/jai-kedia)

Research Fellow, Center for Monetary and Financial Alternatives, Cato Institute

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](https://x.com/jaikedia)