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.

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.