Why the calls draw concern
The calls between Trump and Warsh are not the first time a president has contacted a Fed chair. But the frequency has raised concerns. Typically, the Fed chair coordinates with the Treasury secretary, not the president directly. Regular calls from the Oval Office can create the perception that the central bank is being influenced by political considerations.
That perception matters. Markets rely on the Fed's credibility. If investors believe the Fed is making decisions based on political pressure rather than economic data, they may react negatively. Bond yields could
