Trump Versus Powell — How Far Can He Push the Fed Chair?

President Donald Trump is on a relentless campaign to pressure the Federal Reserve into cutting interest rates, renewing the question of how much a US president can and should influence an institution designed to be independent.

The Fed’s decision to hold interest rates steady so far this year has deeply angered Trump. He’s questioned the central bank’s decision making and regularly lambasted Chair Jerome Powell, sometimes on a daily basis, calling him “very dumb” and one of the “most destructive” people in government.

Some administration officials appear to be building a case that Powell’s handling of matters related to the renovation of ...