Bring in show music, please.

Hi, I'm CNBC producer Katie Kramer.

Today on Squawk Pod.

The drama devouring Washington and Wall Street, the president versus the Fed chair.

I don't think anyone on the entire planet can make a case that the Fed should not be independent.

Are Jay Powell's days at the Federal Reserve so numbered that he'll be out before his term expires next year? I already think that there's a shadow Fed. We have a special interview with Kevin Warsh, the former Fed governor, one of two Kevin's, possibly waiting in the wings to be the next central banker. This isn't the first time you've heard me in the last decade say, we need regime change at the Fed.

It's not just about a person, it's about an approach to economics, it's about approach to what they're doing.

And I'm troubled when I see them moving the goalposts.

At the Fed during the great financial crisis, Warsh wants lower rates now.

The inflation that has done huge harm to the American people.

First, they blame Vladimir Putin.

It was because of the war.

Then what did they do next?

They blame the pandemic.

Supply chains, they would say.

Well, supply chain was legit.

When was the last Fed-Chair job interview so public? The broad conduct of monetary policy has been broken for quite a long time.

Plus, Coke, it's the real thing with real sugar.

And the long days and short nights in Congress.

Doesn't it look like a kabuki dance?

What's a kabuki dance look like?

We use that all the time.

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