The Globe and Mail reports in its Friday edition that it was a relief when President Donald Trump nominated Kevin Warsh as the new chair of the Federal Reserve. A Globe editorial says the former Fed governor is viewed as a stable choice. However, the threat to the Fed's independence is concerning, as Mr. Trump's influence could have serious consequences for the global economy. If Mr. Warsh is confirmed by the Senate, he will find himself under immense pressure to lower rates. Countries with less independent central banks often experience higher inflation and increased government debt. A loss of confidence in the Fed could lead to rising inflation, potentially leading to higher rates in Canada. Confidence in the Bank of Canada is high, making it a stable environment for investment and business growth. While the risk of interference from Ottawa is currently low, the mood did shift following the pandemic as consumers suffered from high inflation and rising interest rates. Politicians of all stripes attacked the BOC on its decisions. The Globe says politicians should resist the urge to pressure central banks, as their sometimes unpopular decisions are key to keeping inflation low and the economy stable.