An Independent Fed Is An Unaccountable Fed

For weeks, the Federal Reserve has been anguishing over what to do about interest rates. President Trump hasn’t. The Fed chairman, Jerome Powell, took account of the case for cutting rates (to stimulate a sluggish job market) and the case for holding them steady (to prevent inflation). Mr. Trump seems to believe rates should never go any direction but down, and on Wednesday the Fed obliged him, lowering its headline rate by a quarter of a point. Read Full Article »