How much danger is America’s central bank in?

Diptych of Lisa Cook and Donald Trump

IT IS the first time that an American president has tried to sack a governor on the board of the Federal Reserve. The credibility of the central bank is one of the underpinnings of America’s world-beating economy. And yet, although dollar assets weakened a little on the news, financial markets are taking it all in their stride. Whatever is going on?

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