Swamp Notes: Trump’s case against Fed chair Powell
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 2 August 2025
⏱️ 24 minutes
🧾️ Download transcript
Summary
This weekend, we're sharing an episode from our fellow FT podcast, Swamp Notes.
The US president is angry with the chair of the Federal Reserve over interest rates. He’s applying a lot of pressure on Jay Powell to lower them or leave his job. The FT’s Claire Jones and Adam Posen, president of the Peterson Institute for International Economics, break down what will happen if Trump succeeds in either of those goals.
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Transcript
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| 0:30.5 | Hey everyone, Mark here. This week, the Federal Reserve decided to keep interest rates steady. |
| 0:36.1 | US President Donald Trump did not like the move. |
| 0:39.5 | He's spent a lot of time in office pressuring the Fed to cut rates as soon as possible. |
| 0:44.3 | He's even hinted at possibly firing Fed chair Jay Powell. |
| 0:48.6 | Now, this week's news made me want to share an episode from the other podcast I host called |
| 0:53.0 | Swamp Notes. It's all about the intersection of politics and the economy. |
| 0:57.4 | In a recent episode, we look at Trump's push for a rate cut, why Powell is resisting, and what could happen if Trump fires him. |
| 1:04.4 | Now, if you enjoy the episode, be sure to subscribe to Swamp Notes wherever you get your podcasts. |
| 1:09.4 | Okay, without further ado, here's the show. |
| 1:15.3 | So on Thursday, the President of the United States |
| 1:18.1 | walked into the Federal Reserve building in Washington, D.C. |
| 1:21.1 | So we're going to take a look. |
| 1:23.1 | We're going to see what's happening. |
| 1:24.9 | And while he was there, he squared off with the chairman |
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