[U.S. Treasury Secretary Besent: The Federal Reserve must reestablish its credibility as an independent institution] According to the Wall Street Journal, U.S. Treasury Secretary Besent stated that to ensure the future and stability of the U.S. economy, the Federal Reserve must reestablish its credibility as an independent institution. The entire institution must undergo honest, independent, and nonpartisan review, including monetary policy, regulation, communication, staffing, and research. Looking ahead, the Federal Reserve must reduce the distortions it causes to the economy. Besent noted that when President Trump's administration shifted toward tax cuts and deregulation, the Federal Reserve's forecasts were overly pessimistic.