The summer lull is officially over – and financial markets are waking up to a new reality. After a brief stumble in early August triggered by weak US labour data and fresh Trump tariffs, markets have held up surprisingly well. Measures of implied volatility are (still) close to record lows. But don’t be fooled – calm waters may be hiding a storm beneath. President Trump’s attacks on the Fed’s independence took a new turn last week with the pressure on Fed Governor Cook to step down; another clear signal that the White House trying to tighten its grip on monetary policy. Although a casual observer could argue “well, ... (full story)