-
Markets with the Fed under assault
From robinjbrooks.substack.com
The Trump administration’s assault on the Fed is unprecedented and serious. The big puzzle is why markets yesterday showed such a tepid reaction and whether this means they don’t care. Today’s post disentangles several things that are going on. My bottom line is that markets care a great deal. If the Trump administration’s assault on the Fed continues, which is my base case, the Dollar will enter a protracted decline. There’s many moving parts to the last 48 hours and it’s important to be clear about each of them. First, as yesterday wore on, reports emerged that the investigation of the Fed was launched ... (full story)