When a president swayed the decisions of the Federal Reserve

Federal Reserve independence has come into the spotlight recently, with former President Donald Trump indicating he thinks the president should have some influence in the Fed’s actions. Today, we wind the clock back to when exactly that happened: In 1971, President Richard Nixon devised a scheme to sway then-Federal Reserve Chair Arthur Burns — and the direction of the U.S. economy — in the run-up to reelection. But first: Hiring was weaker than expected in August.