Trump says the Fed’s high interest rates are keeping Americans from buying houses. There’s more to it than that.

The President’s campaign to bend the independent central bank to his will is straight out of the playbook of populist strongmen and will likely go on for years.

“If they don’t dissent, then the stock and bond markets could rally significantly on expectations that the FOMC participants are leaning toward cutting [in September], thus placating the two potential dissenters,” said veteran strategist Ed Yardeni of Yardeni Research.