Trump’s feud with Powell adds to the chaos in financial markets, but recalls many other episodes in American history when presidents and central bankers clashed. From Andrew Jackson and Nicholas Biddle fighting over the future of the Second Bank of the United States, to Harry Truman firing then-Fed Chair Tom McCabe, which led to the 1951 Treasury Accord, politicians and the Fed manage an uneasy alliance with implications for the future direction of interest rates and the economy. Bank treasurers might think that the Fed’s political independence is sacrosanct, but forget that when the politicians in Congress chartered the Fed in 1914, the Treasury Secretary was a voting member of the FOMC. Bank treasurers who successfully manage through market and economic uncertainty are only doing their jobs by delivering consistent performance through ups and downs.

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AI is the future, and the future is now, at least it is one of next year's top priorities for every bank treasurer at large and small banks and credit unions. The question is how? How do you implement AI? The answer to that question is another question: what do you want to do with it? Answering that question is not the IT department's or the intern's responsibility. The use cases need leadership at the top to decide and see implementation through if pilot projects are ever to yield the productivity gains the technology promises.

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You heard about the business with the pennies, right?

Subscribe to The Bank Treasury Newsletter and Podcast at thebanktreasurynewsletter.com for professional Insights and commentary on bank treasury issues, investment portfolio strategy, and more. Listen on Apple Podcasts,Spotify, and Amazon. Follow us on LinkedIn.