US bond markets should be in revolt. Fed independence matters

It is a perilous time to mess with the principle that rate-setters under an independent system should be free of political pressure

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

• Trump's attempts to influence Fed risk 70's-style inflation and global backlash'

Well said, Jerome Powell. The chair of the US Federal Reserve responded to news of a subpoena from the US Department of Justice with a statement that was extraordinary, necessary and stark.

A criminal investigation into the Fed, and him personally, over the renovation of the central bank's headquarters is an attempt to bully officials into setting policy according to the president's whims, said Powell: This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation."