Political meddling may harm the economy in the long term

Political meddling may harm the economy in the long term

Increasing political pressure that threatens to undermine the Federal Reserve’s independence may significantly damage the economy in the long term, even as lower interest rates resulting from this pressure will likely lead to a short-term economic boost. President Donald Trump, who recently fired the head of the Bureau of Labor Statistics amid a disappointing jobs report, now has his eyes set on the Federal Reserve. Long a critic of Chairman Jer…