The Fed’s Dual Challenge

Wall Street Journal: “Not long ago, it looked like Jerome Powell’s final test as Federal Reserve chair would be to stick the soft landing. Now, with about one year left in his term, he faces a serious complication: navigating a trade war that threatens to push prices up while weakening the economy.”

“During a seven-year tenure that included Donald Trump’s first trade war, a pandemic, historic inflation and high-profile bank failures, Powell’s final act also unfolds with an imperative to preserve the institution’s apolitical DNA that protects its autonomy in setting interest rates.”