India, Sept. 19 -- Donald Trump has had a running feud with the Federal Reserve Chairman, Jerome Powell, for months. But he could learn a lesson or two from another leader, Recep Erdogan of Turkey. The US president would realise the consequences of toying with the country's federal bank, and using the latter as a house pet. But then, for him, the implications do not matter. In fact, the results are bent as per his will, at least in the court of the masses, even if the facts are wrong.

After six months of temper tantrums and threats to sack the Fed Chair (Trump does not have the executive authority to do so), the US Fed cut base interest rates by 25 basis points, even as the US economy showed signs of higher-then-targeted inflation and un...