For eight years, Federal Reserve Chair Jerome Powell’s rule for dealing with Donald Trump was simple: Don’t make eye contact. Then, on a Sunday night in January, he decided to look the president straight in the face. After receiving subpoenas concerning his testimony months earlier about the Fed’s building renovations, Powell released a bold video dismissing that explanation. “Those are pretexts,” he said, stone-faced, and accused Trump’s Justice Department of threatening him with an indictment because the Fed hadn’t cut interest rates as fast as the president demanded. Powell’s gambit had its intended effect, rallying bipartisan support to the Fed,…

Want to continue reading?

Unlock full access to The Currency and The Wall Street Journal with an Annual membership and receive a free Samsonite suitcase – worth €235 delivered to your door.

Subscribe

Cancel at any time.

Are you already a member? .