Featured in Bloomberg Opinion - Points of Return: All the president's men are coming after Powell

Ten-year yields back close to 5% are exactly what the administration doesn’t want, but exactly what it would deserve for a naked politicization of its central bank. Equities could be different. Longer yields would rise, but shorter term rates would fall with a new dove at the Fed. That should help equities in the short run, as this chart from Absolute Strategy Research makes clear:

Ian Harnett of Absolute Strategy suggests that the stock market would get through this, as all the potential replacement candidates are “more than credible.” In the short run, they would likely add liquidity when conditions are already very stimulative (even if the administration desperately wants lower rates).

Read further here: All the president's men are coming after Powell