New Delhi, Jan. 26 -- President Donald Trump's pressure campaign on the Federal Reserve, and on Fed Chair Jerome Powell in particular, will likely lead to higher inflation.

That's the implication of a new study into the impact of presidential pressure on the Fed. Entitled "Fed-President Pressure Index," the study was conducted by Yosef Bonaparte, a finance professor at the University of Colorado at Denver's Business School. Though he completed the study this past September, his findings have taken on greater urgency in the wake of the recent news about the Justice Department's criminal investigation of Powell, stemming from Powell's testimony last year about the renovation of the Fed's headquarters in Washington, D.C. The White House has...