Danske Bank analysts suggest that former NY Fed President Bill Dudley's column yesterday caught their attention as he basically argued that the Fed should not ease monetary policy trying to offset the negative economic impact from Trump's trade war.

Key Quotes

“In other words, the Fed should not support the economy even if it is on the brick of a recession. Although Dudley is no longer serving at the risk, his comments are undermining the Fed's independence and giving firepower to Trump when he argues that the Fed works against him.”