Trump Pressured Powell to Keep Interest Rates Too Low

Allysia Finley is correct that “if the Fed is to blame, it’s for leaving interest rates too low for too long” (“The Coming Biden Bailout of Blue States and Cities,” Life Science, April 3).

Also to blame is former President Donald Trump, who repeatedly pressured and even threatened to fire Federal Reserve Chairman Jerome Powell to continue to keep the interest rates low to aid his re-election campaign. When Mr. Trump was first elected, the 2007-09 recession and its aftereffects had more or less ended. But he wanted low interest rates to artificially boost the economy at great expense. He met with the Fed chairman to remind him of his expectations.