# A Check-In on the Fed — Cato’s Norbert Michel and Jai Kedia 

July 22, 2025 • News Releases 

Cato Institute experts [Norbert Michel](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fpeople%2A2Fnorbert-michel/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/4p16dbgGVXYOMlkzOBYS5MHTEBU=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6NWM0NDpkNWUyMjI0NzA4NjI1MzA5YzFlY2Y0YWM5ZTMwNmMwMzA4OWVlZmQ5OWFlNzA5NTY0OTMwMDU2ZGU0MzkyNGM4Omg6VDpO) and [Jai Kedia](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fpeople%2A2Fjai-kedia/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/y_4sfmwciFh6yhIMZOIPLv2S4kw=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6MjA1NTo2NTllOTRlNjQ0OWRhMzg2NGFjM2VkMzM4YTFjZjE1ZWQzNWYxYjBkMjdlNjBmYWY0YjZjOGVlNjc5OGI4NmEwOmg6VDpO) are available to discuss recent attacks on the Federal Reserve and the risks of politically motivated monetary policy.

In a new video, Michel and Kedia talk through the Trump administration’s repeated calls for rate cuts, the dangers of such policies, and how the Fed can best respond. You can watch their conversation [here](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fmultimedia%2A2Fcato-video%2A2Fcheck-fed-why-politically-motivated-monetary-policy-dangerous/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/i8twQQQtVSTcUnzM18K5PwTOR-8=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6ZDMwZTo1ZGY4YWFkMTM0ZWE0MzRkOGJjZTQ1MzhiZDEyMzljYTcyMDUyZDdlYzE0NmE1ODEwYjdhODM3MTlmN2MyY2RlOmg6VDpO).

Michel and Kedia have also written and commented extensively on this topic:

- Reforming the Federal Reserve series: [Reforming the Federal Reserve, Part 1: A Brief Look Back and the Way Forward](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fpublications%2A2Freforming-federal-reserve-part-1-brief-look-back-way-forward/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/cIEdimSN4fOZZfm52TDQsmuHfNE=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6ODIzNTo4MDMwYzQ3ODg0NDhkOWZmNWFiNGI5YjU0YWMzZjI5Njc5ZTQxOTcxY2RkYTk4YjdhMTRkYWU2NjU4OGNkY2I1Omg6VDpO)
- Reforming the Federal Reserve series: [Reforming the Federal Reserve, Part 2: Enforcing Rules-Based Monetary Policy](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fpublications%2A2Freforming-federal-reserve-part-2-enforcing-rules-based-monetary-policy/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/20XYyMqw4e8jqcXo0unsapmM_ag=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6Njg1ZDo1MjU4ZTJmODBlNGVjMjk4ZWI3ODZmZGMyZDJmNWIyNGE4NGEyN2ZkZWU3YzM2OGJkMzU4MTE1YWQyMjMzMTQyOmg6VDpO)
- Policy Analysis: [A Comprehensive Evaluation of Policy Rate Feedback Rules](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fpolicy-analysis%2A2Fcomprehensive-evaluation-policy-rate-feedback-rules/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/D2Vvt7O4-WvCBCh1LjT7U5nk8pY=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6MjU3MTplYzkxNTY0ZGUzYjM0MjZjODI2MDQ2YWRmMjZkMDhjZDAwMTBhN2U0Njg5Mjk0ZjQwYzcwMWFjOGY4Nzg4YzFiOmg6VDpO)
- Forbes column: [Bad Economic Policy Trumps Monetary Policy](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fcommentary%2A2Fbad-economic-policy-trumps-monetary-policy/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/r2gZbOhpM85dE6SUIw1RTSc7he4=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6YWU0YjoxODcxNWUxMWE1ZDc3YzM3NzQ1NzRlYmU1MGU2ODE1Zjg1NTVlNzMyZDFhZWY1NmQ1ZDVlZTYyMDBjMTgxNmFhOmg6VDpO)
- Forbes column: [Scapegoating The Fed Chair for Interest Rates Won’t Fix the Economy](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fcommentary%2A2Fscapegoating-fed-chair-interest-rates-wont-fix-economy/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/LjSc9d8l_Ry45D4EzmlvgBgcNlA=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6NmJhNDoyNTE5OTM4OTdkZmM5NzA4MGY2OTljNWFkNjY0NjFlNjMxNWQ5MGM0YmZhN2MzZjJkYjM5MTI0MGMzYWNjNjBlOmg6VDpO)
- Cato podcast: [Federal Reserve Commitment to a Rule and Credible Monetary Policy](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fmultimedia%2A2Fcato-daily-podcast%2A2Ffederal-reserve-commitment-rule-credible-monetary-policy/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/wIBZYgfAaZwrul8EP2I3ZFIWB4A=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6YTMzNDpmY2Y4OGRlMjQ5OGQzZDhhNzE4YTJiYTg4MDQxOGIyY2FlMTZmZGJhNmE4ODgxODEyY2FiZjE5MmE5M2NhMzc3Omg6VDpO)
- Cato blog: [The Fed’s Critiques of Rules-Based Monetary Policy Are Invalid](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fblog%2A2Ffeds-critiques-rules-based-monetary-policy-are-invalid/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/3Zwj8d6kbDfMzf0MxM_WxvddqDg=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6MmQ3ZDplYzlkYmI4NTU1N2ExYzQwZDhhNjhmNzRhZGZiYTFiZTgyMjFmMTUyOTc5ZDQwZjE3MTdjOTRhMzBkNTRiZjY5Omg6VDpO)
- Cato blog: [Keep Politics Out of GDP Calculations](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fwww.cato.org%2A2Fblog%2A2Fkeep-politics-out-gdp-calculations/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/64qLRNeKnsIMLzy3eiznBeO-mIg=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6MTFjNTplMjZjNDM4NTU3MWRiNDU0YjU4NzMyZjdlNmZhNzRjZjQ1OGU3NzU5ODBiNTk4NjNlMzdiMjJjMmJmYjVkNjc0Omg6VDpO)
- Multimedia clip: [Jai Kedia on X](https://url.avanan.click/v2/r01/___https:/zwly9k6z.r.us-east-1.awstrack.me/L0/https:%2F%2Fx.com%2A2FJaiKedia%2A2Fstatus%2A2F1939745810524061880%2A2Fvideo%2A2F1/1/010001983368e70b-5e6caa04-24cc-4955-8ba5-4f395e361d36-000000/bEruKQGMUJJw4dn8RSgGga0ZTI8=436___.YXAzOmNhdG9pbnN0aXR1dGU6YTpvOmE0MGY3ZjE2Nzc0NzJjNTNmODM2NjVkMjk2Zjg1MjkwOjc6YTNmMzo5YmJmY2EyNzBkY2E1ZDRkYzM5MTQxMWFmNjBiYjA5NDAzZTM3YTEyOTY1ZmI3YmFmYTRlM2Y4NmE2ODNiNzJjOmg6VDpO)

If you would like to speak with Michel or Kedia, please contact [pr@​cato.​org](mailto:pr@cato.org) to set up an interview.

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