President Donald Trump on Monday kept up his verbal assault on Federal Reserve Chair Jerome Powell over the Fed's refusal for now to further cut interest rates, rattling financial markets growing ever more fearful that Trump may ultimately try to fire the U.

Waller already sits on the Fed’s board, having been nominated by Trump in 2020. As a serving official, it is harder for him to suck up to the president. Nevertheless, his most recent speech went out of its way to take a dovish view of the stagflationary impact of tariffs.

In today’s edition, we examine how President Donald Trump’s continued broadsides against Federal Reserve Chair Jerome Powell are affecting the stock and bond markets.