The idea that America’s central bank should operate without political interference is a norm without ironclad protections, particularly if the Supreme Court rules in favor of the new administration. America’s bouts with inflation during the second half of the 20th century underline economists’ arguments that the Fed needs to sometimes make unpopular decisions on interest rates,

Actions of the central bank can be mistaken. But long history shows that no matter the party, presidents often push for actions that may not be good for the economy.