One of the greatest fears about Donald Trump’s method to the financial system was that he would possibly attempt to undermine the Federal Reserve’s independence and press it to chop rates of interest. Up to now that has not come to move. As an alternative, he has set himself a fair more durable problem: persuading buyers that market-determined charges ought to come down. Particularly, Mr Trump and senior members of his administration wish to convey down the yield on ten-year Treasury bonds. On February twenty fifth it fell to its lowest stage since mid-December (see chart). All going to plan? Not fairly.
