Let Powell and the Fed Do Their Jobs

The White House’s latest escalation of pressure on the Federal Reserve is a new and dangerous overreach. For the country’s sake — and, by the way, to avoid the collapse in popular support that would likely follow a severe financial-market backlash — the administration needs to think again.

Up to now, Fed Chair Jerome Powell hasn’t responded to White House efforts to sway the central bank’s decisions. But after the Justice Department served subpoenas threatening a criminal prosecution, Powell cast aside dignified silence and issued a video statement: “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”