The dollar fell and longer-dated Treasury yields rose as President Donald Trump’s push to remove Federal Reserve Governor Lisa Cook fueled concern about central bank independence and inflation risks. Stocks eked out gains before Nvidia Corp.’s results.

While the moves were modest in listless summer trading, they underscored growing unease over political interference in monetary policy. That could give Trump another chance to name someone to the Fed board as he repeatedly pressures officials to cut rates.

Ben Inker, Co-Head of Asset Allocation and Portfolio Manager at GMO, breaks down the market risks facing US investors and White House's legal battle with the Fed escalates. Ben speaks with Tim Stenovec and Isabelle Lee on Bloomberg Businessweek Daily.