President Donald Trump’s determination to direct monetary policy has suffered a notable setback. Federal Reserve Chair Jerome Powell’s bold response last week to a threatened criminal investigation seemed to set the White House back on its heels. Together with backing for Powell from a surprising array of other central-bank governors, financiers, leading economists and even — good heavens — from one or two actual members of Congress, it undoubtedly shifted the terrain.
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Powell’s Best Efforts Can’t Save the Fed’s Independence
