Fed independence could take a hit from the Supreme Court

Jerome Powell puts his left hand to his head as he testifies before the House Committee on Financial Services. (Credit: Alex Wong—Getty Images)

• The independence of the U.S. Federal Reserve is often cited as a major reason America is one of the best places in the world to invest. Central banks operating under the thumb of politicians often struggle to control inflation, a problem that has especially reared its head in autocracies.

President Donald Trump has suggested—more than once—that he should get a say in setting interest rates. On Thursday, he declared Federal Reserve Chair Jerome Powell’s “termination cannot come fast enough.”