Interest rates are rising, and the stock market suffered a two-day rout last week.

So what’s President Trump doing?

Blaming the Fed, of course. In a series of attacks last week, Trump called the Federal Reserve “crazy” and “loco” and accused it of having “gone wild” with interest-rate hikes.

“I think the Fed is out of control,” he told reporters on Thursday.

Trump is not the first president to exhibit impatience with the nation’s central bank.

In its efforts to manage inflation, maintain the dollar’s global credibility, and influence the supply of credit, the Federal Reserve necessarily takes actions that are politically unpopular. (Raising interest rates in response to strong economic growth, as the Reserve has been doing over the past few years, is a fine example.)

In recognition of the fact that the Federal Reserve needs to be politically independent, the 1913 law establishing the central bank was designed to prevent the president from firing board members without cause. The Supreme Court has upheld the law, too.

But just because Trump doesn’t have the legal recourse to fire Fed members doesn’t mean he can’t impact the Reserve’s activities.

Like most institutions run by unelected experts, the Fed relies on public confidence. Trump’s attacks are an active attempt to erode that confidence. Doing so could make the institution more susceptible to political pressure.

That would be dangerous for the Fed’s ability to manage our nation’s fiscal health. But that’s just one of the reasons why Trump’s attacks are so outrageous.

Far from acting “loco,” the Fed’s past two presidents have made a point of increasing the institution’s transparency. In acknowledgment of the fact that the Fed’s actions have big impacts on both consumers and businesses, it’s offered clear signals about its changes to market policy before doing so.

If any institution has had a negative impact on the stock market recently, it’s the Trump White House. Trump’s reckless trade war with China and our other allies has created world market jitters as consumers face higher prices and foreign economies face higher debt service costs. Blaming the Fed can’t change the fundamentals of the economy.

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