Jerome Powell Doubles Down On His Past Mistakes

In holding rates steady, Jerome Powell—the worst Fed Chair since Arthur Burns—has once again let his anti-Trump animus cloud his judgment. The damage will not show up only on Wall Street.  

It will show up in the monthly payment on a starter home, the financing costs of a machine-tool purchase, the builder who delays a project, the manufacturer who shelves an expansion, and the family that watches its credit costs stay painfully high while the Powell Fed congratulates itself for being “disciplined.”