Why is Trump targeting America’s most powerful bank?

2025-09-02

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For some time Donald Trump has been taking shots at the Federal Reserve. It's America's central bank and the institution that decides on interest rates and regulates the nation's financial system.In the main it operates independently of the White House and it's therefore no stranger to conflict when it comes to presidents and their economic agenda. Up until now, no president has ever actively tried to reshape its governance in the way that Donald Trump has, either by publicly insulting its chair,...

For some time Donald Trump has been taking shots at the Federal Reserve. It's America's central bank and the institution that decides on interest rates and regulates the nation's financial system.

In the main it operates independently of the White House and it's therefore no stranger to conflict when it comes to presidents and their economic agenda. Up until now, no president has ever actively tried to reshape its governance in the way that Donald Trump has, either by publicly insulting its chair, Jerome Powell, or attempting to fire one of its governors, Lisa Cook.

But as ever when it comes to the U.S economy, it would have enormous ramifications if Donald Trump was able to gain effective control of the Fed. Why is he so keen to control the institution, and what would it mean for America and the world if it happened?

HOSTS: * Anthony Zurcher, North America Correspondent * Sumi Somaskanda, Chief Anchor for BBC News

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This episode was made by George Dabby with Rufus Gray and Alix Pickles. The technical producer was Ben Andrews. The series producer is Purvee Pattni. The senior news editor is Sam Bonham.

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