The Federal Reserve has raised interest rates again, and it’s said that President Trump isn’t all that happy about it. Well, that’s what an independent central bank does for you — it removes monetary policy from politics. There is a certain amusement here, though, which is that the Fed has raised rates not to annoy Trump, but because of Trump.

We have two sets of tools by which we can direct the economy in general, two types of macroeconomic policy. There is fiscal policy, which is taxes and spending, the balance between them. There’s also monetary policy, interest rates and a number of more minor associated matters. Either or both can be used to direct that economy as whole. No, this isn’t the start to a beginner’s economics textbook, just take that as being true. It’s the basic outline of absolutely every model that any government, central bank or part of academia uses. It is true in this world even if it’s not in theory.