BBC Sounds, Music, Radio, podcasts.

Just imagine stepping into a room, not just any room, but one that sets the interest rates that direct the world's biggest economy.

Decisions made in this room effectively determine how goods are priced in your local shop, your mortgage payments, the shape of the jobs market.

I, for one, would love to listen in on that committee room.

What's more, it's trusted, because people generally believe it's politically impartial.

But are they starting to doubt?

Yes, welcome to Business Daily on the BBC World Service.

My name's Ed Butler, and today we're looking to the future of the Federal Reserve under its new chair, Kevin Warsh.

He's President Trump's pick to run this institution.

With me to discuss where the Fed is headed, I'm joined by Claudia Sarm.

She's a former Fed economist herself,

now at New Century Advisers. Claudia, hello. I mean, are you expecting fireworks within that

committee room now that Kevin Warsh has got the hot seat? I expect the committee room to really be

business as usual going forward. Now, there could be a lot of fireworks outside of the Fed and

pointed at the Fed and pointed at the

Fed, but in the room, I think they're going to keep doing their job. Interesting. With me also is

Mohamed L. Ariane. He's chief economic advisor at Allianz. Mohamed, does this feel like a pivotal

moment, do you think, for the world's most influential central bank? It does. And like Claudia, I don't expect fireworks inside the room,

but I do expect a very difficult conversation

because the Fed is facing challenges to both sides of its mandate,

the inflation side and the employment side.

Well, you may recall there have been many

...