My Washington Post column today:

The Federal Reserve is battling four challenges at once. First, it faces the usual job of keeping inflation low while also avoiding a recession. Second, President Donald Trump is demanding that the Fed reduce interest rates — complicating that first task. Third, it has to decide how to respond to Trump’s policies, especially on trade and immigration. Finally, the central bank is once again reviewing its monetary policy, just five years after changes that are now widely considered failures.

Daunting challenges all. The column offers some advice on how to meet them.