One of the most important fears about Donald Trump’s method to the economic system was that he may attempt to undermine the Federal Reserve’s independence and press it to chop rates of interest. To this point that has not come to cross. As an alternative, he has set himself a good more durable problem: persuading buyers that market-determined charges ought to come down. Particularly, Mr Trump and senior members of his administration wish to deliver down the yield on ten-year Treasury bonds. On February twenty fifth it fell to its lowest degree since mid-December (see chart). All going to plan? Not fairly.
