Though Mr. Powell denied any such thing, as he should, it’s likely the Fed’s robust hawkishness was also a deliberate riposte to Donald Trump’s public pleas not to raise rates. The FOMC statement was unanimous and barely changed from the one in November despite the growing market anxiety. We said Mr. Trump’s bullying tweets on interest rates would be counterproductive, and so they were.

// If only the president could get out of his own way sometimes. But it is what it is.