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Concerns about the independence of the Federal Reserve may be exacerbating turmoil in financial markets, says David Kotok, co-founder and chief investment officer of Cumberland Advisors, which has $2.9 billion in assets under management.

“Political shenanigans and influence pose a continuing threat to central bank independence, and the outlook in the U.S. is worsening for the Fed’s independence,” writes Kotok in his latest market commentary.

Kotok notes that the Federal Reserve currently “functions without a full Board of Governors because of politics. So right now the five voting presidents outnumber the three voting governors, and that is likely to be the situation for months.”

He’s referring to the five Fed Bank presidents who sit on the central bank’s Federal Open Market Committee, which sets Fed policy including interest rates.

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