In normal circumstances, Christmas is supposed to be a blissfully boring time for the Federal Reserve — and those analysts paid to watch it.
However, 2018 is not a “normal” time; not with Donald Trump in the White House. Last week, the US president unnerved markets by imploring the Federal Reserve to stop raising rates. This week he intensified those attacks, hinting that he might fire Jay Powell, the Fed chair.
Steven Mnuchin, Treasury secretary, frantically tried to undo the damage, with a tweet (what else?) suggesting that Mr Powell’s job was safe. But the hapless Mr Mnuchin created additional alarm by revealing, in a formal statement, that he had spoken to the leaders of America’s largest banks to discuss their liquidity.
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