Opinion: The Federal Reserve can’t fix every foolishness coming out of Congress or the White House, writes George Melloan
President Trump’s April tweet that stocks and economic growth would be higher “if the Fed had done its job properly,” is worth re-examining in light of market developments after Mr. Trump won his tussle with Fed Chairman Jerome Powell. Mr. Powell backed off his brief attempt at “quantitative tightening” under presidential and market pressure.
They don’t seem to have shown up during Wall Street’s dismal May, when the S&P 500 plunged more than...
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