The pattern of frequent informal contact between Trump and Warsh, if perceived as extending into monetary policy discussions, could raise market concern over Fed independence, a dynamic that historically tends to unsettle bond markets and weigh on confidence in the credibility of future rate decisions. While sources maintain interest rates have not been discussed since Warsh's confirmation, any erosion in perceived separation between the White House and the Fed could add a layer of political risk premium to how investors interpret future Fed commentary. Warsh's consistently upbeat public and private characterisation of the economy, including his emphasis on strong business investment growth, may also reinforce market expectations that the Fed chair leans toward a more optimistic reaction function, potentially supporting risk sentiment in the near term.---EarlierBofA CEO Moynihan sees three Fed rate hikes through year end 2026Fed's Cook: Fed running out of room for disnflation to return---Trump's frequent informal calls with Fed Chair Warsh mark a departure from the choreographed distance recent presidents have kept from central bank leadership.Summary:The Wall Street Journal reports President Trump has spoken repeatedly with Fed Chair Kevin Warsh since Warsh took office less than three months agoTrump reportedly calls Warsh in bursts, several times over a stretch of days followed by quieter periodsTrump has sought Warsh's views on topics including the war in Iran and the rapid rise of artificial intelligence and their impact on the economyA person familiar with the conversations says the topic of interest rates has not come up since Warsh's Senate confirmationDemocrats on the Senate Banking Committee have pushed Warsh for greater disclosure about his contacts with the presidentWarsh has reportedly expressed a positive view of the economy in his conversations with Trump, consistent with his public comments highlighting strong business investment growthPresident Trump has spoken repeatedly with Federal Reserve Chair Kevin Warsh since Warsh took over the role less than three months ago, according to people familiar with the matter cited by the Wall Street Journal, maintaining a line of communication between a sitting president and a Fed chair that departs from recent precedent.According to the report, Trump calls Warsh in bursts, sometimes several times over a stretch of days, followed by longer periods of quiet. The president has sought Warsh's counsel on a range of issues, including how the war in Iran and the rapid rise of artificial intelligence are affecting the broader economy, some of the sources said.It remains unclear whether Trump and Warsh have discussed monetary policy directly. One person familiar with the conversations told the Journal that the president has not raised the topic of interest rates with Warsh since his confirmation by the Senate, though the overall frequency and informality of the contact has still drawn scrutiny.Under the traditional structure of US economic policymaking, presidents appoint the Fed chair, but the central bank sets interest rates independently of the White House, a separation designed to keep political considerations out of decisions that shape borrowing costs across the economy. While it is not unusual for presidents and Fed chairs to meet periodically, the Journal noted that in recent decades such contacts have generally been more formal and arranged well in advance, choreographed specifically to avoid any perception that the president is attempting to influence rate decisions.Trump's approach to communication has generally departed from that norm, with the president known to bypass formal channels and maintain contact with a wide circle of world leaders, business executives and lawmakers through his personal cellphone. His contacts with Warsh appear to follow that same informal pattern.Democrats on the Senate Banking Committee have already pressed Warsh for greater disclosure about the nature and extent of his interactions with the president, reflecting broader concern in Washington over how the relationship could be perceived, even absent direct discussion of rate policy.In his conversations with Trump, Warsh has reportedly expressed a positive view of the economy, according to some of the people familiar with the matter, a sentiment that mirrors his public remarks. Speaking at a news conference last week, Warsh said "the most striking feature of the economy is the strong growth of business investment," language consistent with the upbeat tone he has reportedly struck privately with the president as well. This article was written by Eamonn Sheridan at investinglive.com.