By stubbornly refusing to lower interest rates despite ample data urging him to do so, Fed Chairman Jerome Powell is committing his third major policy blunder in six years. If he continues this tight-money path through the July 29 Fed meeting, “Too Late” Powell will go down as the worst Fed chair in history.

Undermining that independence for the sake of one man’s political agenda won’t just spark academic debate—it will raise your mortgage, inflate your grocery bill, and destabilize financial markets.