Drama at the Fed has CEOs worrying about the health of its reputation

(Credit: Al Drago—Bloomberg via Getty Images)

• In today’s CEO Daily: Diane Brady on the reputation of the Fed.
• The big story: Trump administration moves against political opponents.
• The markets: Global markets are mixed; U.S. futures are down.
• Plus: All the news and watercooler chat from Fortune.

Good morning. I remember the days when a raised eyebrow from Ben Bernanke would spark hours of debate over the then Fed chair’s mindset about the state of the economy. His predecessor, Alan Greenspan, bragged about learning to “mumble with great incoherence.” The model of the inscrutable U.S. central banker illustrated the power and prestige of the Fed, evoking a need to be flexible and deflect any market reaction to anticipated interest rate shifts that might not come to pass.