The relative calm in the markets may not survive upheaval in the A.I. sector and a deluge of disruptive Trump policies, our columnist says.

Financial markets have survived a series of rapid-fire miniature crises lately. What’s remarkable is that the Federal Reserve hasn’t yet needed to get involved in any of them.

Enjoy the calm while it lasts.

I think it’s a good bet that what we are seeing is a rare moment of peace for the Fed, an illusion of tranquillity that isn’t likely to last amid the disruptions, dislocations and presidential bluster testing the markets and the economy.

After several years of dominating the markets by sharply raising interest rates to combat inflation — and then gradually reducing them as the rate of price increases ebbed — the Fed did essentially nothing at its latest meeting, just as nearly everybody expected.

Consider that the stock, commodity and bond markets have wobbled lately over

Keep reading this article on The New York Times Your Money.