President Trump doubled down on his criticism of the Federal Reserve's expected interest rate increase in a Tuesday morning tweet, urging it to "feel the market" before it makes "another mistake."

"I hope the people over at the Fed will read today’s Wall Street Journal Editorial before they make yet another mistake. Also, don’t let the market become any more illiquid than it already is. Stop with the 50 B’s. Feel the market, don’t just go by meaningless numbers. Good luck!"

The big picture: The Journal's editorial board issued an op-ed last night that largely agrees with Trump's position, counseling Fed Chair Jerome Powell to "follow the signals that suggest a prudent pause in raising rates." It added, "Get the monetary policy that best serves the economy, and the politics will work itself out. Get the policy wrong, and Mr. Trump will be the least of Mr. Powell’s political worries."

The WSJ editoral board's op-ed echoes another WSJ piece this week by Stanley F. Druckenmiller, chairman and CEO of Duquesne Family Office, and Kevin Warsh, a former member of the Federal Reserve Board who is now a distinguished visiting fellow in economics at Stanford University’s Hoover Institution, that says the Fed is poised to make a policy mistake if it raises interest rates this morning.

"We believe the U.S. economy can sustain strong performance next year, but it can ill afford a major policy error, either from the Fed or the rest of the administration. Given recent economic and market developments, the Fed should cease — for now — its double-barreled blitz of higher interest rates and tighter liquidity."

The backdrop, from Bloomberg: "[W]ere policy makers to follow through with their widely expected hike Wednesday, it would be the first time since 1994 they tightened in this brutal a market."

The bottom line, via Axios' Courtenay Brown: There's little the Fed can do on Wednesday that won't bring more criticism — whether it be about its political independence or an imminent policy mistake.

Go deeper: The final plea to Fed chair Jerome Powell

Go deeper

3 hours ago - World

China-Iran deal envisions massive investments from Beijing

Illustration: Aïda Amer/Axios

China and Iran have negotiated a deal that would see massive investments flow into Iran, oil flow out, and collaboration increase on defense and intelligence.

Why it matters: If the proposals become reality, Chinese cash, telecom infrastructure, railways and ports could offer new life to Iran’s sanctions-choked economy — or, critics fear, leave it inescapably beholden to Beijing.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 13,048,249 — Total deaths: 571,685 — Total recoveries — 7,215,865Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,353,348— Total deaths: 135,524 — Total recoveries: 1,031,856 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Houston mayor calls for two-week shutdownCalifornia orders sweeping rollback of open businesses — Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Education: Los Angeles schools' move to online learning could be a nationwide tipping point.

House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.