A few months ago, I laid out a simple thesis concerning the Federal Reserve. First, I argued that the Federal Reserve's monetary policy was too tight. There were too many interest rate hikes over a short period of time and the magnitude of the increases would harm business. Moreover, the shrinking of the Fed's balance sheet was slowing the growth of the nation's money supply to less than half its normal rate (3.00 percent vs. 6.25 percent).
The second element in the theory was that President Donald Trump would be outraged by the Fed's actions and he would strongly object forcing the Fed to reverse course. The justification for this view was that the founders of the Federal Reserve never envisioned it to be an independent agency and most Presidents in the post World War II period lobbied hard to influence Fed decisions.
Moreover, I pointed out that this President had changed the leadership of every government agency related to bank regulation replacing what I would call "hard liners" with men and women more congenial to what was believed to be a pro-business approach to banking. The acronyms for the agencies that saw a leadership change are: FSOC, FRB, FDIC, OCC, CFPB, CFTC, NCUA, SEC, Labor, and soon the FHFA. The point here was the President demanded and obtained changes that he believed would facilitate his economic programs.