Despite a direct political threat to the Federal Reserve's independence, market reaction was minimal. This is attributed to the "taco trade" (Trump Always Chickens Out), a belief that the president will walk back extreme actions, suggesting a growing desensitization to institutional risks.
The Fed broke its usual silence to counter a DOJ probe it saw as politically motivated. Instead of a prolonged fight, President Trump quickly disavowed knowledge, leaving the situation in a strange limbo and making future actions from either side difficult to predict.
With Fed Chair Jerome Powell's term ending, attacking him seems irrational. The strategy is likely a signal to intimidate his eventual successor and other committee members, establishing a precedent of White House pressure to ensure long-term institutional compliance on interest rates.
Contrary to the self-help genre's focus on internal optimization, evidence suggests that true well-being comes from "unselfing." Activities that draw focus away from the self—like playing with a pet, appreciating nature, or socializing—are more effective than the introspective methods sold in books.
The true value of self-help books lies not in their advice but in what they reveal about society. From "Think and Grow Rich" during the Depression to "Atomic Habits" for the time-poor present, the genre's bestsellers provide a clear historical guide to a culture's prevailing anxieties.
While the UK's new government seeks to reset its relationship, the EU is preoccupied with larger issues like Russia and Trump. Brussels is unwilling to grant significant benefits without the UK accepting major obligations like budget payments and freer movement, making any meaningful rapprochement unlikely.