America’s central bank is operating with instructions written when an Apple II was cutting-edge technology and a pocket calculator cost more than a television.

While the world has been transformed by globalization, artificial intelligence, and supply chain warfare, the Federal Reserve remains shackled to a 1977 dual mandate designed for a simpler economic era.

President Donald Trump is right to demand lower interest rates. His administration has successfully tamed inflation with May CPI data showing a manageable 2.4% increase over the year prior. Even the president’s most vociferous critics have been forced to acknowledge the economic reality that tariffs have not impacted inflation.

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