India, Sept. 18 -- By the time you read this piece, the writing on the interest rate wall will be clear. The US Federal Reserve Board is likely to announce a cut. But more importantly, the event will represent the Board's guts. Will it stand united against a berating US President Donald Trump, who wishes to impose himself and dilute its sanctity and autonomy, or will it give in, and start the process of the destruction of an institution? In the past few months, the president has pressured the Federal Reserve (Fed) to announce a deep reduction, 0.5 per cent, in interest rate. A fed-up Fed has stuck to no cuts in the recent past, and a possible 0.25 per cent cut this time. Both sides have their arguments in place.

According to Trump's toug...