Editorial Board
White House Is Right to Back Off the Fed
Challenging the central bank’s independence poses enormous economic risks.
His job is hard enough already.
Photographer: Vincent Alban/Getty Images
The White House has recently been ratcheting up the pressure on the Federal Reserve to cut interest rates, causing further rounds of financial-market turbulence. Yesterday, this growing alarm appeared to call forth a clarification. Commentators were getting this wrong, said the president: There’s no plan to terminate Chair Jerome Powell.
If this amounts to a ceasefire, it’s more than welcome.