Decisions – especially the most consequential ones on interest rates – require consensus or at least a majority. The Fed’s monetary policy was spared. “Trump’s pressure on Powell, and Powell’s successful resistance to that pressure will actually result in increasing the Fed’s reputation for policy independence and strengthening the overall case for central-bank independence.” He has described US monetary policy as “broken for quite a long time” and has promised a “policy regime change.” Under his watch, monetary policy is expected to be depoliticised, steering clear of non-monetary issues like climate change and social justice.