• The WSJ is out with a new report from Nick Timiraos and two other reporters. It says that Trump’s “allies are quietly drafting proposals that would attempt to erode the Federal Reserve’s independence” if he wins the November election.
  • Former Trump administration officials and other supporters of the presumptive GOP nominee have in recent months discussed a range of proposals, from incremental policy changes to a long-shot assertion that the president himself should play a role in setting interest rates. A small group of the president’s allies—whose work is so secretive that even some prominent former Trump economic aides weren’t aware of it—has produced a roughly 10-page document outlining a policy vision for the central bank, according to people familiar with the matter.