The writer is chair of Rockefeller International. His latest book is ‘What Went Wrong With Capitalism’

As Donald Trump pressures the Federal Reserve to cut rates, the fear is that he is undermining the central bank’s independence, with potentially damaging consequences for the US economy. Yet most mainstream economists and investors seem convinced the Fed will cut rates anyway at its September 16-17 meeting, particularly after Friday’s employment report confirmed some signs of weakness in the labour market.

This is unfortunately the same alarmist reflex — rush to the rescue at the slightest hint of economic trouble — that has been undermining Fed credibility and fuelling financial bubbles for decades. And the timing could not be less opportune.