Blu Putnam | Source | Chief Economist at CME Group

In a move that has a few people scratching their heads, the Federal Reserve announced on Wednesday its decision to cut interest rates by a quarter point to around 2.25 percent. Several economists and investors think the move lacks justification thanks to a strong economy, The Washington Post's Heather Long writes. Instead, they reportedly see the Fed as caving to President Trump, who has been pressuring Fed Chair Jerome Powell to make large cuts for months. "I have to conclude that the Fed has lost some independence here," Blu Putnam, chief economist at CME Group told the Post. The last time the Fed cut rates was in 2008 when unemployment was over 7 percent, the stock market had lost a third of its value, and Lehman Brothers had declared bankruptcy. The economy needed a stimulus back then. In contrast, the current unemployment rate is at a healthy 3.7 percent, the economy is growing steadily if not overwhelmingly, and the stock market is hitting record highs. But Powell said in a press...