Actions of the central bank can be mistaken. But long history shows that no matter the party, presidents often push for actions that may not be good for the economy.

Donald Trump has made it clear he wants a say on setting interest rates—and that he wants borrowing costs to come down. He’s repeatedly criticized Federal Reserve Chair Jerome Powell, whom Trump appointed to lead the central bank in 2018,

Mr. Donald Trump has officially found a way to strong-arm the Federal Reserve into cutting interest rates. Not through direct intervention, but through fiscal policy. The US president’s Department of Government Efficiency (D.