In a move that blurs the boundary between executive authority and central bank independence, President Trump has threatened to impose broad trade restrictions unless the Federal Reserve cuts interest rates — a pressure campaign he renewed this Wednesday as the Fed deliberated its next policy decision. The ultimatum is not merely a political provocation; it is a structural challenge to the long-held principle that monetary policy must remain insulated from the ambitions of any single administration. How the Fed responds will say as much about the durability of institutional independence as it d