Markets have been occupied for months with speculations about political pressures on the Federal Reserve, especially after President Donald Trump tipped Kevin Warsh to head the central bank starting next May. If the global economy is heading for a boom that could exceed safe limits and push inflation back to the forefront, then voices calling for a tightening of monetary policy will undoubtedly rise. The irony is that this potential shift comes at a sensitive moment, coinciding with the possibilities of a leadership change at the two largest central banks in the world: the Federal Reserve and the European Central Bank. As for Europe, the picture appears less stable than official statements might suggest.
