Trump’s attempts to influence Fed risk ‘70’s-style inflation and global backlash’

Analysts warn that White House pressure on US central bank to cut interest rates could put economy in danger

• Ex-Fed chairs condemn Trump's bid to weaken central bank's independence

• Nils Pratley: US bond markets should be in revolt. Fed independence matters

Donald Trump's attempts to influence the US Federal Reserve could risk plunging America into a period of 1970s-style inflation and trigger a global backlash in financial markets, economists have warned.

After the US Department of Justice (DoJ) launched a criminal investigation into Jerome Powell, the current Fed chair, investors said efforts by the White House to pressure the US central bank to cut interest rates would put the world economy at risk.