New Delhi, Sept. 16 -- While President Donald Trump's attack on the US Federal Reserve Board and on a sitting governor, Lisa Cook, has elicited expressions of high alarm from economists and commentators, investors have responded with one big yawn.

This might seem like a dramatic disconnect. Actually, however, the two groups have good reasons for responding differently.

Commentators concerned with the stability and integrity of US monetary policy have every reason to be horrified by Trump's attempt to 'fire' Cook nearly 13 years before the expiry of her term. (Full disclosure: I directed Cook's Ph.D. dissertation at the University of California, Berkeley.)

Members of the Board of Governors are appointed to long terms in office precisely...