Higher inflation has sparked a fierce debate among economists and generated enormous interest in the Fed’s response, which has far-reaching implications for the U.S. and global economies.

Improbably, the Federal Reserve is surviving the Trump era with its integrity intact. Jerome H. Powell, the Fed chairman since February, is quietly emerging as a skilled Washington operator.

Fed Chair nominee Jerome (Jay) Powell was a logical choice for Fed chair. A business-friendly Republican, he is likely to push forward President Trump’s deregulation agenda in the financial sector wh…