# How the Fed fights back, with Don Kohn

An episode of [The Economics Show with Soumaya Keynes](https://invisiblenetwork.ai/podcast/1746352576), 14 Jan 2026, 35 min.

Audio: https://sphinx.acast.com/p/open/s/664394a442f6710013618119/e/69679d3990f7d9d87fa10e78/media.mp3

It wasn’t the Trump administration’s first attack on the Federal Reserve – but it was perhaps the most shocking. The Department of Justice’s criminal investigation into Jay Powell – nominally over his testimony about the refurbishment of Fed buildings – has ramped up pressure on the Fed chair, whom Donald Trump has frequently criticised over the central bank’s interest rate stance. Will Trump succeed in imposing his will on the Fed, and how might the world’s most important financial institution fight back? Is there any hope that the next Fed chair will stand up to Trump? FT US economics editor Claire Jones speaks to the Fed's former vice-chair Don Kohn. Further Reading High-stakes Powell probe carries risks for US justice department Central bank chiefs ‘stand in full solidarity’ with Jay Powell Justice department’s probe into Jay Powell galvanises Fed leaders to repel Donald Trump’s attacks Claire Jones is the FT’s US economics editor. You can find her articles here. Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Claire Jones. Produced by Mischa Frankl-Duval. The executive producer was Manuela Saragosa. Original music from Breen Turner, and sound design by Breen Turner and Sam Giovinco. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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