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Pushkin.

Listeners, this is not a drill.

That man, Donald Trump, has been hammering away at the Federal Reserve for months,

trying and failing to get rid of the chairman and succeeding in nominating and loyalist to a role at the world's most important central bank.

Well, now he has up the ante a lot, claiming that he has fired Fed Governor Lisa Cook effective immediately.

Can he do that? She doesn't think so, and nor does her lawyer.

But the direction of travel here is becoming incredibly clear. He wants control of this institution one way or another. This is an

incredibly serious attack on an incredibly serious institution, not that markets appear to care

too much for now. Today on the show, we're going to ask, can you really do this?

What happens next?

This is unhedged, the Markets and Finance podcast from the Financial Times and Pushkin.

I'm Katie Martin, a market columnist at the FT in London, where it's finally raining.

It's been ages.

And listeners, I have a special guest on the show today.

...