The feud between Trump and the Fed

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 17 August 2025

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Does a row between one of the world's most powerful politicians, and one of the world's most powerful bankers, have real consequences for the global economy?

We look at the showdown between US President Donald Trump and the head of the US central bank, Jerome Powell, who was appointed by President Trump in 2017 during his first term. We’ll hear how the relationship appears to have broken down - and try and work out what happens next.

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Presenter: Will Bain Producer: Matt Lines Business Correspondent in New York: Erin Delmore

(Picture: US President Donald Trump with Jerome Powell at the Federal Reserve’s $2.5 billion headquarters renovation project, on 24 July 2025, in Washington, DC. President Trump has been critical of the cost of the renovations. Credit: Getty Images)

Transcript

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0:00.0	Hello and welcome to Business Daily on the BBC World Service with me, Will Bain.
0:06.5	Today, the extraordinary row between one of the world's most powerful politicians and one of the world's most powerful bankers.
0:13.8	I'm not happy with him. If I want him out, he'll be out of there real fast, believe me.
0:17.7	Why has it got so personal between President Trump and the head of the U.S.
0:22.4	Central Bank, Jerome Powell? And does it matter? Well, one former advisor to the president,
0:27.4	thinks it does, and says it's already affecting the world's largest economy. Let's face,
0:32.3	everyone knows these two don't like each other. It's pretty clear. And I think it's become
0:36.3	personal. And I think it really
0:37.6	has affected Jerome Powell's decision-making. But one former central bank economist says the public
0:42.9	nature of the SPAC could have bigger ramifications, potentially far beyond the U.S.'s borders.
0:48.6	So then if you have a president who is calling the chair of the Federal Reserve a moron. That starts to create a view of
0:56.1	the Fed from the outside that who are these people and why do they have all these powers?
1:01.1	So today on Business Daily, we're looking at the showdown at the Federal Reserve and what it
1:05.5	means for independent decision making in our economies.
1:12.5	As president, there are a few decisions more important
1:15.6	than nominating leaders of integrity and good judgment
1:19.1	to hold trusted positions in public office.
1:22.4	And few of those trusted positions are more important
1:25.3	than the chairman of the Federal Reserve. Accordingly, it is my
1:30.9	pleasure and my honor to announce my nomination of Jerome Powell to be the next chairman of the Federal
1:38.2	Reserve. Congratulations, Jane. That's U.S. President Donald Trump in his first term in office,
1:45.7	swearing in Jerome Powell as the head of the United States Central Bank,
	...

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