This is John Batchelor. A fun conversation with colleague Joseph Sternberg, Editorial Board of the Wall Street

General He writes political economics. He's based in London. His new column is about the contest between

Mr. Powell, the chairman of the Federal Reserve, Mr. Trump, the president of the United States.

However, it turns out, or it may be true, or at least it's ironic enough to observe,

that Mr. Trump needs Mr. Powell more than vice versa. Why? Joseph explains. Joe Sternberg,

much more of this denied about the Powell Trump disagreement. I think that is generally a problem.

And funnily enough, I think that this has been one of the secrets of Chairman Powell's career success

because there was a moment when Biden was first elected, there was this question,

is Biden going to try to replace Powell somehow and

get in a Fed chair who Biden might prefer? And, you know, Biden, I think, ended up,

ended up renewing Powell's term, you know, reupping him, precisely because Trump had appointed Powell initially, so this became an

opportunity for Biden to pass the buck to his predecessor.

And I think that now, you know, there might be kind of this tendency to leave Powell in place

so that Trump can continue blaming him for anything that goes wrong.

Yeah.