Nothing the Fed does is apolitical. The politics are just different from those in other political institutions. https://twitter.com/zachdcarter/status/1300500020924485632">https://twitter.com/zachdcart...

The creation of the Fed was one of the epic political battles of the early 20th century: https://www.amazon.com/Americas-Bank-Struggle-Federal-Reserve/dp/0143109847">https://www.amazon.com/Americas-...

The Fed, despite claiming to be above politics, is not immune to partisanship, per @VincentAB & Clark: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2166647">https://papers.ssrn.com/sol3/pape...

Like all regulatory agencies, central banks are also subject to regulatory capture. Again, this is not electoral politics, but it is classic political economy: https://hbr.org/2014/09/why-the-fed-is-so-wimpy">https://hbr.org/2014/09/w...

The literature on the politics of central bank independence is vast. See this excellent survey from @jfalbertos: https://www.annualreviews.org/doi/full/10.1146/annurev-polisci-071112-221121">https://www.annualreviews.org/doi/full/...

More broadly, the very structure of modern financial markets today is the product of pitched political battles in the 19th & 20th century, making central banks - as key monetary policy & regulatory institutions - inherently & unavoidably political actors. https://www.amazon.com/Banks-Brink-Securities-Political-Institutions/dp/1108489885">https://www.amazon.com/Banks-Bri...