WHEN Donald Trump is making economic policy, a reprieve is little more than a pause for breath. In February investors cheered when he postponed tariffs on Canada and Mexico; by April he was torching the global trading system. So it is with his latest about-face. On April 22nd the president declared that he had no plans to sack Jerome Powell, chair of the Federal Reserve, having spent the week threatening to do just that. Is central-bank independence back? Only until the president’s mood swings again, or a different adviser has his ear.
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