There’s a great story on the front page of the Wall Street Journal today, called “Two Kevins Battle to Be Next Fed Chair in Trump’s

The Fed operates with what is known as instrument independence, which means that it can raise or lower interest rates or buy and sell Treasuries without interference from the White House or prior approval from Congress,

The squabbling between the president and the central bank’s chairman is a reminder of how anomalous the Federal Reserve is in the constitutional scheme.

The president has repeatedly criticised Jerome Powell for not cutting rates but has sent mixed signals about removing him from the role.