The U.S. needs an independent Fed, four former Fed chiefs warn

Four former heads of the Federal Reserve have issued a public letter in the Wall Street Journal on Monday, warning that the U.S. central bank must be independent, instead of being swayed by a small group of politicians. 

In the public rebuke op-ed published by the WSJ, Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen wrote that the Federal Reserve must be able to make decisions "based on the best interests of the nation, not the interests of a small group of politicians," or it will disrupt financial market and damage the U.S. economy. 

The Fed's former heads didn't mention U.S. President Donald Trump, yet it's no secret that Trump has repeatedly criticized Fed's dovish policies, and called for the Fed to cut interest rates several times on his Twitter. 

"We are united in the conviction that the Fed and its chair must be permitted to act independently and in the best interests of the economy, free of short-term political pressures and, in particular, without the threat of removal or demotion of Fed leaders for political reasons," the former Fed chiefs wrote.