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By The Editorial Board
The editorial board is a group of opinion journalists whose views are informed by expertise, research, debate and certain longstanding values. It is separate from the newsroom.
Donald Trump is not the first American president to be infuriated by the Federal Reserve’s management of the economy. One might say that the Fed was created to infuriate presidents. Elected officials want the economy to grow fast, now. The Fed’s job is to resist policies that deliver short-term highs and long-term adverse consequences. It is supposed to keep the economic porridge at just the right temperature: not too hot and not too cold.
Wise politicians have long appreciated the benefits of a central bank insulated from political pressure. They have understood that the Fed’s independence allows them to carp and caterwaul about its decisions without impeding its decision making. They can insist that they would like to deliver faster growth, if only the Fed would let them.
