Jerome Powell, the Federal Reserve Bank chair, recently reported that the U.S. economy is at risk of experiencing slowing growth coupled with persistent inflation. This economic predicament is what economists call stagflation—a stagnating economy that simultaneously faces rising prices.

Powell's candid assessment was met with sharp rebuke and even threats of termination from the administration. This political pressure comes at a critical moment when the Supreme Court is evaluating whether the president can fire chairs of independent agencies, including the Federal Reserve. The timing couldn't be more consequential for our economic stability.