With President Biden reportedly reappointing Jerome Powell to a second term as Federal Reserve chair and make Lael Brainard as vice chair, he will have an opportunity to meet with them privately. So why am I suggesting Biden should do what no other U.S. president has done and indicate that he wants the Fed to raise rates in an election year? To be sure, throughout the Fed’s history, the opposite tack has been more common: Presidents Johnson, Nixon and, most recently, Trump all jawboned the Fed to keep interest rates low to support the economy and their reelection prospects. The...