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Cummins makes two very important points. First: “Central banks are never independent, they’re only varying degrees of dependent on the public’s trust.” And second: “[It has been] articulated, at least for me, in the most impressive fashion, the public’s anger and distrust, around Brexit, about expertise… The public is fed up with what’s coming out of the Frankenstein lab of monetary policy.”

In other words, both the Fed’s potency and its mandate are only as strong as the public’s faith in them and there is now a rising public chorus of central bank antipathy. Considering just how important the Fed has become to markets I think this is a trend that needs to be watched very closely. (Many thanks to @djmobey and  for bringing this to my attention.)