Federal Reserve chair Janet Yellen is facing a delicate balancing act amid pressure from the Trump administration that some feel could undermine the Fed’s independence, even as she may be willing to concede some ground in reviewing financial regulations. In testimony to Congress on February 14 and 15, Yellen gave no major hints about a possible interest rate increase at the next Federal Open Market Committee (FOMC) meeting on March 14-15. She did say that she expects “the evolution of the economy to warrant further gradual increases in the federal funds rate,” as “waiting too long to remove accommodation would be unwise.” However, she made it clear that “monetary policy is not on a preset course” and economic data would guide future rate actions.…