The Fed won a sweeping court victory Friday. But the fact that it needed one tells you everything about how much has changed. The unsealed filings are something else—the Fed catalogued 100 Trump attacks on Powell and told a court the probe was designed to help the president “seize a power specifically denied to him by federal law.” Fed independence used to be protected by norms. Now it’s protected by judges. What that shift means going forward: https://www.wsj.com/economy/central-banking/the-court-ruling-in-the-fed-chairs-favor-is-a-double-edged-sword-122f2d35?st=sfPe2W&reflink=desktopwebshare_permalink(Nick Timiraos)