This is CBS Eye on the World. Here's John Batchelor.

My good colleague Joseph Sternberg, member of the editorial board of the Wall Street Journal.

He's in London with the pollen. It's springtime in London. It's springtime in New England.

And that means nothing's quite normal.

You get a little dizzy if he take a walk in the park or a walk through the forest.

However, we're going to bash ahead here because Joe's new column is about Jerome Powell, the chairman of the Federal Reserve.

And the day the market died,

well, there might have been a couple of days there. Joseph, it's a joy to read this column because I lived at reading the morning and the evening. I mean, we're talking about extreme distress

by grown-ups saying the end is nigh. He's going to fire Powell and the market will fall

apart. The bond market will go crazy. The dollar will collapse. I don't know. I could go on with

the list of things that were going to happen. What was the threat? How did this begin firing Powell

by President Trump? Good evening to you.

Hey, John.

So, I mean, this is a drama that has been playing out over the past couple of weeks I thought was worth unpacking in some detail.

Because really, we go all the way back to 2018 when President Trump in his first term had to appoint a new chairman for the Federal

Reserve, and he ended up picking Jerome Powell, I think, because he thought that Powell was

going to deliver relatively low interest rates. And then, of course, the Fed continued to raise interest rates

modestly, which drove Trump absolutely bananas, although you can make a good argument that

that was actually pretty good for the economy in the first Trump term. So we fast forward to the

second Trump term, and President Trump has been harboring this grudge against Chairman Powell and the Federal

Reserve for years.

And now it has erupted again because the markets have been responding so badly to the

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