Golden Finance reported that Federal Reserve Governor Lael Brainard stated on Friday that the central bank should not consider government financing costs when formulating interest rate policy, and noted that this is a key reason for the importance of the Federal Reserve's independence. "What pains me is that people can brazenly say... why should a group of people outside the government, outside the executive branch, decide interest rates? They should remain independent," Brainard said at the Chicago Fed Economic Conference. "Some even suggested that the Federal Reserve should cut interest rates to lower the government's borrowing costs. This is essentially monetizing debt. This is precisely why we want the Federal Reserve to remain independent." President Trump has previously stated that the Federal Reserve should cut interest rates to lower government borrowing costs.