Fed Independence Just Got a Bit More Secure: Jonathan Levin

The American people got some reassuring monetary policy news on Thursday: The Federal Reserve Board of Governors unanimously voted to reappoint 11 of the 12 regional bank presidents to five-year terms. The vote eliminates a key threat to Fed independence and shows that the central bank will prove very hard to corrupt — no matter the White House’s desire for greater executive influence.

For now, that should take some pressure off longer-term government borrowing costs and reassure Americans worried that a politicized Fed could allow too-hot inflation to return.

Since he took office in January, President Donald Trump has been on an ill-advised mission ...