Fed Chair Kevin Warsh and the other 11 members of the central bank’s Federal Open Market Committee yesterday carried out their mission to control inflation by managing monetary policy and raised the key interest rate to 4%, even though Donald Trump has been demanding that borrowing costs be cut.

Actually, more than demanding, as Trump has been threatening to cut off trade with any country that the U.S. has a trade deficit if interest rates aren’t cut (a disastrous move). And after the Fed’s action, the president said on his Truth Social that interest rates should be set at 1% or lower. Thankfully, Warsh and the Fed aren’t listening to him.

Trump may have thought he was getting his own guy with Warsh (having replaced Jay Powell, who Trump appointed, but later wanted prosecuted), but the........

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