The independence of the Federal Reserve is under sustained attack from the Trump administration. But despite the totemic significance of the Fed to the global financial system, markets so far seem relatively sanguine. Luke and Paul discuss the history of independent central banks, why they matter so much to the economy, and what the journey to full fiscal dominance might look like. They also talk to Aaron Rock and Max Macmillan, senior fixed income and macro investors at Aberdeen, about how they think about monetary policy independence and whether markets should be more worried about fiscal dominance.