It’s not hard to find mistakes in the Federal Reserve’s recent history, but Donald Trump’s latest attempt to erode the institution’s independence is dangerous. The president wants lower interest rates, but any benefits coming from that would probably be outweighed by supercharged inflation and the economic hangover that comes with it.

On Monday night, Trump announced that he would try to fire Fed governor Lisa Cook, whose term otherwise expires in 2038. He cited an unproven allegation of mortgage fraud that one of his appointees dug up and broadcast on social media, but Cook denies wrongdoing, and her attorney says she will “take whatever actions are needed” to stay on the job.

That fight could reach the Supreme Court. The conservative majority has been friendly to the idea that the pres

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