Trump spent months criticizing the Federal Reserve for keeping interest rates too high, but after Thursday’s rate hike, he portrayed himself as having blessed the move during a call with Fed Chair Kevin Warsh several days before the decision.

The truce is the clearest sign yet that Warsh has reset a relationship in which the White House viewed the central bank as an adversary.

The risk is that the truce may last only until the Fed raises rates again. Trump’s portrayal of a hostile committee could leave investors wondering whether Warsh is leading the Fed or being dragged along by it.

Some observers see this as a face-saving exercise for Trump, while others fear a dangerous balancing act: If the White House truly believes that this rate hike, as well as any subsequent hikes, was imposed on Warsh, it could prompt the administration to try to remove officials it believes are obstructing him.#美联储三年来首次加息25个基点