One of the greatest fears about Donald Trump’s strategy 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. As a substitute, the president has set himself an much more troublesome problem: persuading buyers that market-determined charges ought to come down. Particularly, Mr Trump and senior members of his administration want to convey down the yield on ten-year Treasury bonds. On February twenty sixth it fell to its lowest stage since early December (see chart). All going to plan? Not fairly.
