Jonathan Chait: “Donald Trump has been bullying Federal Reserve Chair Jerome Powell—calling him ‘too late,’ insulting his intelligence, and trying to gin up a case that Powell spent too much on renovations of the agency’s headquarters as a pretext for firing him. The New York Times recently observed that the two men have a ‘toxic relationship,’ which is true, as far as it goes.
”“But the actual reason for the president’s hostility is neither alleged cost overruns nor Powell’s ability to manage the business cycle. Trump doesn’t think Powell is bad at his job. He objects to the job itself.”