“A mandate for deflation”: That’s how monetary sage James Grant, in the latest number of the Interest Rate Observer, describes President Trump’s remit from voters as his second term nears. Mr. Grant points to a CBS News-YouGov poll asking Americans what they thought Trump “should prioritize” in his transition. “An overwhelming majority,” some 79 percent, “said lowering the price of goods and services,” the Observer reports. Will the Fed allow it?