It's not exactly a clear cut answer, but here is the officially translated tidbit by Ayu from the DIRECTOR'S NOTES for RAINBOW at the official English site.
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In Free & Easy, I wrote what I am feeling at the moment. In other words, "I want to be a person who lives by taking responsibility for my own freedom," and "I want to be a person for whom these words are perfectly applicable." But, when it came to recording, because I already had a nearly complete picture of "what I wanted to say," it was more difficult than usual to create a melody that would fit with the message of the lyrics.
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Here is the portion written by her director [Kome, I think?]:
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This track is the result of a sudden inspiration ayu and the producer had at an actual magazine photo shoot that they were attending while considering a cover tie-up with Free & Easy magazine.
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I suppose she wrote this song because she wants to be someone who can create a "Free & Easy" life with their own hands as opposed to having it given to them. The lyrics sound like she's talking to herself in a way? I am not entirely sure why the PV is so Joan of Arc-y but I guess it might have something to do with Joan being a symbol for a powerful woman that took charge of her own destiny.
Hope this helps. I wish Ayu would explain some of this stuff, but some of the fun in it is piecing it all together. (She likely has more answers in interviews around the time of release though.)