The Fed took a hit to its independence with a new Trump executive order that seeks to rein in the autonomy of independent agencies that do not operate under day-to-day control of the White House.

President Donald Trump isn’t waiting for the Federal Reserve to fix anything. His administration is sidestepping the central bank and focusing directly on Wall Street’s bond market, betting that controlling the 10-year Treasury yield will be more effective than cutting short-term interest rates.

Federal Reserve officials at a meeting last month pointed to rising risks that inflation could worsen, a key reason they kept their benchmark interest rate unchanged