President Trump and Federal Reserve Chairman Powell are at each other's throats again. Following this week’s Fed policy meeting, Powell announced no rate cuts for now, contrary to what the President has been demanding for months. With a $2.5 billion Fed renovation looming in the background and recent revelations of deep state malfeasance, it no surprise that patience is running thin. The Fed is supposedly non-political, pursuing a “dual mandate” of maximum employment and stable prices, but those objectives are contradictory and place the Fed at the center of inherently political fights. On the other hand, history offers few examples of successful monetary policy driven by politicians—just look at Venezuela, Zimbabwe, and until recently, Argentina.