Bond market vigilantes will not be cowed by Trump

If Donald Trump interferes with the Fed's ability to control inflation, the bond market would retaliate. Photograph: Samuel Corum-Sipa/Bloomberg via Getty Images The first month of the Trump administration in the United States has involved dramatic policy changes. For the outside world, the initial focus has been the seismic shift in US foreign policy and on potential tariffs on trade. Both are profoundly upsetting the current world order. There is a broad consensus among economists that trade wars being instigated by the US will be bad for all who are affected. The UK National Institute for Economic and Social Research…