Behind the scenes this past spring, a pivotal closed-door session underscored something crucial: the Federal Reserve has managed to preserve its hard-won independence when it comes to setting interest rates—and did so without escalating into an open confrontation with the administration. The delicate balance speaks volumes about how central banking institutions navigate political pressure while maintaining their policy autonomy. For markets and investors watching rate decisions, this protective stance on institutional independence carries real implications. Whether the Fed can continue threading this needle remains a key variable for anyone tracking monetary policy direction.