Powell has done a fine job as chair of the Federal Reserve. He is under attack, as Fed chairs often come under attack. President Trump clearly wants an interest rate cut. POTUS sometimes talks as if such a cut is a nice reward for a well-performing dog. Our economy has "virtually no inflation" he has said, and "is doing really well," so the rate should be cut to 2 percent. Good dog. Here's the treat. That is insane. The economy seems to be avoiding inflation because Powell has kept rates up. After all, one of the consequences of high rates is to make fixed income instruments, bonds and the like, attractive. Investment in boring long-term bonds is like investment of one's cash in a pillow case. It is money effectively taken out of circulation -- hence it is a damper on prices. To be clear, Powell is not holding rates at historically high levels, unless one's historical lens is quite near sighted. Rates are roughly...