What do you suppose happens if the Federal Reserve stops really being the Federal Reserve.

From American public media, This is marketplace. In Los Angeles, I'm Ka Rizdahl. It is Monday, today the 28th of October.

Good as always to have you long, everybody. We are, as I speak, a week and a day away from the end of voting in the 2024 election.

It has been, as we all know, a campaign unlike any other.

We are not going to recap because honestly nobody needs that. What we are going to do

though is a little what if because there's something that's been happening that's kind of

gotten lost in everything. What if the most important

economic institution in this country, literally of global importance in part

because of its credibility and political independence,

suddenly isn't independent or credible anymore.

I have the right to remove.

I'm not doing that.

No, I'm not doing that. I have the right to remove I'm not doing that I have the right to also take him

and put him in a regular position and put somebody else in charge and I haven't

made any decisions on that that's then President Donald Trump at the White House in March of

2020 talking about whether he was going to fire Fed share Jay Powell. The

Federal Reserve gets a lot of coverage on this program because what it does, including among many other things, setting interest rates, deciding how much money costs in other words, affects literally everybody in this economy.

Here's another quote from the former president,

this one from last month,

after the Central Bank cut interest rates by a half a percentage point.

It really is a political move.

Most people thought it was going to be half of that number,

...