Commentary: The Fed’s credibility depends on resisting politics, not playing it

At Jackson Hole last month, all eyes were on Federal Reserve Chair Kevin Warsh in his first speech at the Fed’s annual conference. But all thoughts were about the Fed’s rate decision next week.

Kenneth Rogoff, a Harvard economist who was at Jackson Hole as a lunchtime speaker, offered this advice to a New York Times journalist: “If they can possibly put it off till after the midterms, it would be good for the institution.” Given President Donald Trump’s attacks on the Fed, he asked: “If you’re trying to preserve Fed independence, are you preserving it better by spitting in

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