In fact, there’s a long history of presidents putting pressure on Fed chiefs to cut interest rates. But President Trump’s public harangues to fire Jerome Powell are unprecedented and could create more difficulties.

President Donald Trump is badgering the Federal Reserve to cut interest rates, but even if the Fed gave in to the pressure, it wouldn’t necessarily lead to lower borrowing costs for consumers.

Mr Trump’s ultimate desire is not in doubt. The Fed has cut rates by only a percentage point since September, to 4.25-4.5%. Mr Trump has always disliked tight money, and covets the lower rates in Europe and elsewhere.