“I’m not happy with the Fed. So far, I’m not even a little bit happy with my selection of Jay,” Trump told the Post. “I think the Fed is a much bigger problem than China.”

If a tangible trade agreement comes into fruition and a year-end rally ensues, then Trump will be quick to garner the praise of the markets. However, if nothing materializes and the markets continue their downturn exhibited in October and pre-Thanksgiving in November, expect more criticism by Trump directed at the Fed.

“The president wants to run the economy hot,” said Dan North, chief economist at Euler Hermes North America. “That’s why it’s important for the Fed to retain its independence from the president and from Congress.”

Related: G-20 Summit Will Be Key Mover for Leveraged China ETFs

For more trends in fixed income, visit the Rising Rates Channel.

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