In fact, there’s a long history of presidents putting pressure on Fed chiefs to cut interest rates. But President Trump’s public harangues to fire Jerome Powell are unprecedented and could create more difficulties.

Jerome Powell’s determination to ensure any jump in prices stemming from Donald Trump’s tariffs don’t spread through the economy has earned him the moniker “Mr. Too Late” from the president. For the Federal Reserve chair,

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.