Janet Yellen has delivered what observers see as her last testimony at both Houses of the Congress. Rumours increasingly point to the President’s chief economic advisor as the potential successor when her mandate comes to an end in February. Mr Trump has never disguised his contempt for her, whom he depicted in one of his twits as the champion of low inflation.

Federal Reserve Chair Janet Yellen said the primary reason for raising interest rates in March was a simple one: the central bank is confident in a steadily improving economy. The economy, however, has actually been deteriorating somewhat for Fed’s rate hikes.