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}A daily digest of opinions and analysisThe Fed's Independence Is More Fragile Than It LooksCentral bankers' freedom from political interference "depends largely on political players respecting norms and traditions of behavior," Daniel Moss writes. "If the last sentence doesn't ring alarm bells for you, it should." The Federal Reserve is one of the few U.S. institutions still unruffled by Donald Trump — but with the president set to choose a new chair any moment now, how long will that last? Taylor and His Rule Are Not What the Fed NeedsStanford's John Taylor may be in the running to be the next Fed leader, but if he followed his own monetary-policy rule, he could do serious damage to the economy. Noah Smith explains why the professor's hawkish comments during the recession look like a bad sign. (Meanwhile, Tim Duy tries to measure the medium-term risks that bad Fed choices could pose to the economy.) Trump Fails at Ceremony. Maybe He Should Stop Trying.Other nations separate their leaders' kingly and managerial functions. The U.S. doesn't, so it has to put up with the consequences. As fallout from a controversial call to a military widow mounts, Leonid Bershidsky suggests letting someone else handle the president's symbolic duties. Richard Spencer Has Only Himself to Blame for Hecklers"You're trying to stifle our free speech," the white supremacist told a crowd at the University of Florida yesterday, as students shouted him down with boos and chants of "Go home, Spencer." But as a legal matter, the protesters were entirely in the right. Noah Feldman notes the government and the University of Florida did all they could to protect Spencer's free speech; the rest of the debacle is on him.Ritholtz's ReadsBankrolling the big short (Institutional Investor)"Psychopath" hedge fund managers make less money (Bloomberg)Beneath the market rally: a lot less trading (Wall Street Journal)(Read Barry Ritholtz's full daily news roundup here.) Bloomberg GadflyRick Perry's plan looks DOA, but could spark a Dynegy dealOil bulls, here's another number worth trackingNew York awaits as bankers go through the looking glass(Read more from BV's sister site for fast business commentary.)Bloomberg L.P. ● 731 Lexington Avenue, New York, NY 10022Web ● Facebook ● TwitterFeedback ● Unsubscribe

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