Beneath the Uneasy Peace Between Donald Trump and Janet Yellen

The president’s relationship with the Federal Reserve has so far been cordial, but that doesn’t mean Chairwoman Janet Yellen is likely to stay on

.. Their placid relationship reflects Mr. Cohn’s leading role. Ms. Yellen meets regularly with Mr. Cohn and Treasury Secretary Steven Mnuchin, who also spent much of his career at Goldman Sachs.

.. Mr. Cohn takes pride in convincing Mr. Trump of the economic benefits of respecting the Fed’s independence, including by not firing off verbal or Twitter attacks on the central bank, according to people who have discussed the issue with him.

.. Many Wall Street and Washington observers expect Mr. Trump to select his own candidate for the top job, possibly Mr. Cohn.

.. These concerns haven’t been aired publicly by the administration, in contrast to Mr. Trump’s comments during last year’s election, when he said Ms. Yellen should be “ashamed of herself” for keeping rates low.