If you have a credit card, hope to buy a house, or just want stable grocery prices – let’s talk about the future of Fed independence! It’s impossibly important for the Federal Reserve to steer monetary policy without political interference – an ideal pushed to its brink during Jerome Powell’s time as Fed Chair. Powell’s Fed faced a once-in-a-century pandemic, oversaw the economy as inflation spiked to about 9 percent … went back down to nearly 2 percent … and has started to go back up as the U.S. has gone to war and continued to try and implement the most comprehensive tariffs since the early 1900s. But perhaps Powell will be best remembered as a target – of angry tweets, speeches, and ultimately a criminal investigation, by the very president who nominated him in the first place. On Powell’s last day as chair, we ask where his story fits into the sweep of history. We’ll hear from someone who was on the Fed Board when Powell was appointed … and when President Trump started to pressure Powell. Plus, we learn what to watch for to see if Fed Independence is crumbling – or holding – as a new Fed Chair nominated by President Trump takes office. Recommend Listening: - Happy Fed Independence Day [https://www.npr.org/sections/money/2019/03/01/699546781/episode-898-happy-fed-independence-day] - The case for Fed independence in the Nixon tapes [https://www.npr.org/2025/01/10/1223918033/richard-nixon-arthur-burns-fed-independence] - A primer on the Federal Reserve's independence [https://www.npr.org/2025/04/23/1246593555/federal-reserve-independence] - Trump's unprecedented attack on the Fed [https://www.npr.org/2025/08/26/nx-s1-5518335/trumps-unprecedented-attack-on-the-fed] - Should presidents have more of a say in interest rates? [https://www.npr.org/2024/08/14/1197968126/should-presidents-have-more-of-a-say-in-interest-rates] - Lisa Cook and the fight for the Fed [https://www.npr.org/2025/08/29/nx-s1-5522330/lisa-cook-trump-lawsuit-federal-reserve-independence] - What happens to central banks under pressure? [https://www.npr.org/2025/09/05/nx-s1-5532144/central-bank-independence-federal-reserve] Book info. [https://www.planetmoneybook.com] / Subscribe to Planet Money+ [https://n.pr/3HlREPz] Listen free: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. This episode was hosted by Kenny Malone and Erika Beras. It was produced by Sam Yellowhorse Kesler, edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez and Cena Loffredo. Planet Money’s executive producer is Alex Goldmark.  See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]