Tensions Between Leadership and Monetary Policy

Does a row between one of the world's most powerful politicians, and one of the world's most powerful bankers, have real consequences for the global economy?

We look at the showdown between US President Donald Trump and the head of the US central bank, Jerome Powell, who was appointed by President Trump in 2017 during his first term. We’ll hear how the relationship appears to have broken down - and try and work out what happens next.

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Presenter: Will Bain Producer: Matt Lines Business Correspondent in New York: Erin Delmore

(Picture: US President Donald Trump with Jerome Powell at the Federal Reserve’s $2.5 billion headquarters renovation project, on 24 July 2025, in Washington, DC. President Trump has been critical of the cost of the renovations. Credit: Getty Images)