Hours after his own appointed Federal Reserve chairman raised interest rates for the first time in three years, President Trump publicly demanded they be cut to 1% or below — a collision between executive ambition and institutional independence that is as old as the republic itself. Kevin Warsh, chosen by Trump to lead the Fed, cited persistent inflation as justification for the quarter-point increase; Trump cited an investment boom and America's creditworthiness as reasons to do the opposite. The episode is less a policy dispute than a mirror held up to a recurring American tension: who, ulti