Kevin Warsh’s arrival as chairman of the Federal Reserve was meant to put an end to the battle with Donald Trump’s White House.
The first real test of whether the problem of central bank independence has been fixed could come today should the Fed vote to raise the key federal funds rate from its current range of 3.5 per cent to 3.75 per cent.
Trump argued earlier this week that the US should have the lowest interest rates in the world.
Nothing could be further away at present with the sell-off of US bonds accelerating, sending the yield on ten-year US Treasuries to
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