Happy National Fed Independence Day! On this day in 1951, the Federal Reserve Chairman (Michael McChesney Martin) stood up for the independence of the Federal Reserve and their obligation to react to the data regarding rates and inflation instead of political pressures. The Federal Reserve was always intended to be independent, but its role always seemed to fall in the direction of the Treasury/President; so this stake of independence was really just a proclamation that the Federal Reserve was going to operate the way it was always meant. Fun fact, this led to an alleged physical altercation between the President and Fed Reserve Chairman at the time.