Bloomberg Businessweek

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Yellen’s successor at the Fed will butt heads with Trump if rate hikes cool growth

The long-expected clash between the Federal Reserve and the White House over interest rate policy kept getting postponed over the past year. The stock market climbed, the economy grew, and nothing the Fed did dampened the animal spirits. President Trump got along famously with Fed Chair Janet Yellen.

That calm is emphatically over. Investors have come to believe that the Fed, under new leadership, is serious about raising rates to prevent overheating of the economy—and they’re scrambling to avoid the fallout.

The S&P 500 fell 2 percent on Feb. 2 and 4 percent the next session after the U.S. Bureau of Labor Statistics reported that

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