We all saw it coming, but like most things with The Donald, even though they are telegraphed somehow we still are surprised. Recent remarks by the President suggest that he is not happy with the dot plot and would prefer that the Federal Reserve sit on the sideline as these rate increases are costing taxpayers money in additional interest on the debt, money he stated which could be used to pay down principal. These comments come on the heels of a comment hinting that there is another middle class tax cut coming down the pike. The irony of these two diametrically opposed statements is clearly lost on the current Oval Office occupant, and one has to believe that he has found the new scapegoat for the upcoming economic downturn. The Fed fits the bill perfectly as fodder for his paranoid, fact-challenged rallies; they are not well understood by the general public, they operate in private and are autonomous, and they are generally considered apolitical. We agree with some of the fights that this President has chosen to undertake, but if he chooses to continue this path of chastising the Federal Reserve, and if he presumptively removes a sitting Fed chairman before his tenure is up, you will see a sell off in dollar based assets on a scale that is unprecedented.