Trump’s threats against Powell and his higher tariff policies have driven down the dollar and also pushed up the interest rate on 10-year Treasuries, which ticked higher to 4.35% Monday. Those rates are the benchmark for mortgage rates, meaning that borrowing costs to buy a house will likely stay elevated.

The president’s fight with Fed chair Jerome Powell is about more than interest rates. It’s a grab for power over a central bank long prized for its independence.