NPR.

This is the indicator from Planet Money.

I'm Adrienne Ma.

New data this week from the Consumer Price Index shows inflation rising 3.8% over the past year. That is the highest inflation rate

we've seen since 2023. And it's happening at a time when the nation's main inflation fighting

institution, the Federal Reserve, is getting a shake-up in leadership. On Friday, Fed Chair Jerome

Powell will be replaced by President Trump's new pick,

Kevin Warsh. And as a new documentary by Frontline PBS explains, this is a milestone in Trump's

long beef with the Fed. Economically, this is the most important fight of the second Trump administration.

If I want him out, he'll be out of there real fast.

This agency feels it is not under any obligation to be accountable.

Frontline correspondent James Jacoby directed the film,

which is called the President versus the Fed.

After the break, he shares what he learned while reporting

on this unprecedented power struggle between the world's most powerful politician

and the world's most powerful bank.

James Jacoby is director of the new frontline documentary, The President versus the Fed.

James, thanks for being here.

Thank you so much for having me.

For this film, you spoke to economists, Wall Street big

wigs, the business press. And what strikes me across all these different kinds of people is there

seems to be a very strong respect for the Federal Reserve, which is not to say that everybody

...