Monetary policy is another cause for worry. Mr Trump has railed against low interest rates, saying they had stoked an economic bubble (a sentiment repeated by one of his advisers, to the Financial Times on November 9th). He also claimed that Janet Yellen, chairman of the Federal Reserve, was acting in an “obviously political” manner and “should be ashamed of herself”. This caused speculation that Ms Yellen might resign after a Trump victory. That seems unlikely; Fed chairmen have withstood presidential criticism before. But Ms Yellen will surely depart when her term expires in February 2018.