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Trump could force a repeat of the Federal Reserve’s worst modern-day policy blunder

If there’s been one consistent theme in Donald Trump’s roller coaster presidency, it’s a deep desire for loosely-defined "loyalty" from those he appoints to positions of power. That’s a terrible thing for the Federal Reserve’s vaunted political independence, especially since the early retirement of vice chairman Stanley Fischer puts Trump in the unprecedented position of naming five of the seven sitting Fed board governors, which plays a preeminent role in setting interest rates and regulating Wall Street with the help of 12 regional banks.
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