Presidnet Donald Trump, who’s been making lots of noise about Federal Reserve Chair Jerome Powell for ages, claims Powell is playing politics by keeping interest rates high, and he’s even threatened to kick Powell out. Not sure why this matters, but this would be a big deal because it’s a major change from how the central bank usually does its thing.
Today on the show, gonna get into three things: a little history on the Federal Reserve and why it’s shielded from everyday political drama, how the Fed has gotten a whole lot of power recently, and a Trump order that kind of toned that power down.
Related episodes: “Happy Fed Independence Day (Update)” and “Arthur Burns: shorthand for Fed failure?” The OG episodes of The Indicator were made by Corey Bridges, Brittany Cronin, and Julia Ritchey. Big thanks to Cena Loffredo, James Willetts, and Gilly Moon for their tech skills, and to Sierra Juarez for checking the facts. Kate Concannon runs the show. Listen wherever you get your podcasts.
This episode of Planet Money was put together by James Sneed and edited by Marianne McCune & Mary Childs. Our main boss is Alex Goldmark. For more of The Indicator from Planet Money, hit up Apple Podcasts or plus.npr.org. Find us on TikTok, Instagram, Facebook. More Planet Money on Facebook, Instagram, TikTok, and in our weekly Newsletter. Listen for free on Apple Podcasts, Spotify, the NPR app, or anywhere else you do podcasts. To get bonus episodes and back Planet Money, sign up for Planet Money+ on Apple Podcasts or plus.npr.org/planetmoney. Music by Source Audio – “Background Bodies,” “Timeless Glow,” and “Blurry Creatures.”
