Donald Trump’s second administration has upended long-standing conventions in diplomacy, defence, fiscal policy, trade, public health, and more. Now the president’s “America First” policy is coming for the Federal Reserve. Critics from Treasury Secretary Scott Bessent on down are laying siege to the central bank’s governance and the models it uses to set rates. Yet monetary policy is perhaps the one area in need of more revolutionary fervour than the White House appears to have in mind. [....]