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A stress test for the Fed.

From Marketplace, I'm Nancy Marshall Genser in Washington.

Former Federal Reserve Chair and current Fed Governor Jerome Powell accepted the Profile

in Courage Award last night. Powell said the Fed would lose its credibility if any president

were allowed to dismiss Fed officials over policy disagreements.

Powell's comments come amid the attempted firing of Fed Governor Lisa Cook and a criminal

investigation of the Fed related to the renovation of its headquarters.

For more on this, we're joined by Julia Coronado, founder and president of macro policy

perspectives and a professor at the University of Texas Austin. Good morning, Julia. Good morning.

So in his speech yesterday, Powell called the Fed's credibility a priceless asset. What does that

mean for everyday Americans? What it means is in general, you don't have to think about the purchasing

power of your money. Of course, we've had bouts of inflation lately, but in general,

the Fed is there to ensure the stability of the macro economy, make sure it doesn't overheat and

boom too much, and then bust. And make sure that when it busts, the Fed will be there to pick up

the pieces and put it back on track.

Of course, Kevin Warsh was just sworn in to replace Jerome Powell as chair of the Fed.

What signals will you be watching for from him in the coming weeks?

Well, he's come in a promising regime change and reform.

So we're going to find out what that means when he delivers his first press

conference in June. He has promised to honor the Fed's independence. So we should see him then

...