• From the President down, with markets bleeding, market observers are clamoring for the Fed to lower rates – or at least not raise them further.
• There are some economists, like Martin Feldstein, who argue that the Fed should simply ignore this noise and keep on raising rates.
• The thought is that rates should be considerably higher so the Fed can lower rates when the next recession arrives.
• While we’re somewhat in the middle in this debate, there are more fundamental issues at stake – like what are the role and limits of the Fed?

Source: Bring On The Powell Put | Seeking Alpha