It seems damn obvious that neither Jay Powell, Donald Trump, the 12 geniuses on the FOMC, nor any other set of Washington apparatchiks should be setting interest rates. That’s a job tailor-made for millions of players on the free market without any help, nudges, guidance, or big fat thumb on the supply/demand scale by the central bank.

It also seems equally obvious that under the current post-1987 regime of Keynesian activism at the Fed that interest rates have been way too low for most of the p...