President Donald Trump’s power grab at the Federal Reserve has sounded alarms across the monetary policy world – but not in one corner of the bond market where they might have made a difference. Investors aren’t pricing in higher inflation for the US, the one big danger that experts see looming when central-bank independence gets eroded. Market-based measures of price pressures are down from July peaks, and roughly in line with their two-year average. Medium- and long-term gauges are within shouting dist ...