WASHINGTON INSIGHT

BUSH AND THE BANK: President Bush, with an eye on this week’s policy meeting of the Federal Reserve, demanded again last week that the Fed slash interest rates to stimulate the economy--and thereby improve Bush’s election prospects. . . . But if history is any guide, Bush’s Fed bashing won’t work. Above all, the Fed treasures its independence, and the last thing most Fed officials want to do is appear to be caving in to White House pressure. While the central bank may still move to cut rates, it almost certainly won’t do so this week, if only to avoid the perception that it is responding to Bush.