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If the U.S. economy now is the best ever, why raise interest rates?

President Donald Trump must regret that he didn’t renew Janet Yellen’s contract to head the Fed for another four years. She probably would have been more accommodating to his supply-side policies. They both are populist do-gooders at heart. They want as many people to get jobs as possible.

Instead, Trump appointed Jerome Powell to be the new Fed chairman at the start of this year. Powell had been the vice chairman under Yellen. Trump appointed Richard Clarida to fill Powell’s vacant position after he was promoted. Both are all for continuing to raise interest rates. Both see strong economic growth and a tight labor market as potentially inflationary.

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