How Trump’s Fed Showdown Could Trigger a Global Financial Earthquake – Are You Ready?
But this tension between the President and the chair of the Fed is not just about interest rates. It is about the whole relationship between the executive arm of government and the central bank. How independent should the central bank be? Some tension is both inevitable and natural.
You can see that in the UK, for example, it is about banking regulation rather than monetary policy. Rachel Reeves resents that the Bank of England is slowing the application for a full banking licence from the upstart bank Revolut. The Bank’s governor, Andrew Bailey, blocked a Treasury request for a joint meeting with the Bank and Revolut.
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