President Donald Trump wants to assume control of U.S. monetary policy. He wants to force Federal Reserve Chairman Jerome Powell to resign so he can appoint a new chairman who will follow his orders on interest rates and monetary policy more generally. Trump’s director of the Office of Management and Budget is trying to undermine Powell’s integrity at this very moment.

These actions are damaging the stature of the Federal Reserve, the U.S. central bank. It’s a silly war for the president to be waging.