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The Fed: Yellen may be the foil of the Trump administration

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Just say no: McConnell and Yellen.

President Donald Trump seems in pole position to get potentially budget-busting corporate tax cuts and infrastructure spending plans through a pliant Congress.

Fed chief Janet Yellen is not likely to be as flexible.

The Fed is likely to respond to fiscal stimulus that requires borrowing by jacking up interest rates. That seems to be the signal that Yellen, and at least one of the central bank’s other top officials, are sending.

In a way, that sets Yellen up to seen as the most powerful Democrat in opposition to Trump’s agenda, along the lines of Sen.

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