How Trump's central bank beef could hurt the economy

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• 00:01

  This is The Indicator from Planet Money.

• 00:13

  I'm Adrian Ma.

• 00:15

  New data this week from the Consumer Price Index shows inflation rising 3.8% over the past year.

• 00:22

  That is the highest inflation rate we've seen since 2023.

• 00:26

  And it 's happening at a time when the nation's main inflation-fighting institution,

• 00:30

  the Federal Reserve, is getting a shakeup in leadership.

• 00:34

  On Friday, Fed Chair Jerome Powell will be replaced by President Trump's new pick, Kevin Warsh.

• 00:40

  And as a new documentary by Frontline PBS explains, this is a milestone in Trump's long beef with the Fed.

• 00:48

  Economically, this is the most important fight of the second Trump administration.

• 00:51

  If I want him out, he'll be out of there real fast.

• 00:54

  This agency feels it is not under any obligation to be accountable.

• 00:58

  Frontline correspondent James Jacoby directed the film, which is called The President vs.

• 01:03

  The Fed.

• 01:05

  After the break, he shares what he learned while reporting on this unprecedented power struggle between the world's most

• 01:10

  powerful politician and the world's most powerful bank.

• 01:17

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