Editorial Board
Trump Shouldn’t Bully the Fed
Criticizing the central bank is one thing. Threatening it is another.
Yellen doesn't work for Trump.
Photographer: AFP/Getty ImagesU.S. President-elect Donald Trump repeatedly criticized Federal Reserve Chair Janet Yellen during his campaign. British Prime Minister Theresa May has questioned the Bank of England’s recent actions, for a while putting Governor Mark Carney’s tenure in doubt. The long-cherished principle of central-bank independence seems to be under attack.
That principle is worth defending -- Trump, for one, went too far. At the same time, central banks can’t expect to be above criticism or beyond politics.