Independent Fed

   The economy is doing well, but the Federal Reserve said it's not ready to tap the brakes to prevent an unmanageable surge.
   The Fed's Open Market Committee said it will hold its key lending rate where it has been for some time now, in the range of 1 percent to 1.25  percent, partly because inflation remained below its 2 percent target rate even as unemployment low, at just about full employment.
   Something to watch, however, is whether the president will nominate Janet Yellen for a second term as chair of the monetary watchdog board or replace her with someone more in tune with his own preference for less regulation in any and all government activities.
   Even so, the two potential nominees are generally regarded as moderate, and whether they stay in that mold, even keeping to the Federal Reserve Board's traditional independence, will be something to watch for.
   President Donald Trump has  been talking up the need for looser reins overall so the nation's economy can "take off like a rocket." GDP has been growing at 3 percent, but if a surge shows up, the Fed traditionally has acted to prevent sudden surges.
   Meanwhile, as the Fed voted to keep the key lending rate low, the Bank of England is expected to boost its key rate when it meets this week.