Political risk to Fed independence

There are two big stories on today’s episode. What happened when foreign ministers from Denmark and Greenland met with Vice President JD Vance and US Secretary of State Marco Rubio at the White House? We discuss their “frank” talks and “fundamental disagreements”.

Plus, the world’s top central banker Jerome Powell has hit back at the US president in an unprecedented video statement on social media. It follows the Trump administration opening a criminal investigation against Jerome Powell, chair of the U.S. Federal Reserve. Over the past year the president has insulted Powell publicly, criticising his decisions not to cut interest rates, as well as calling the Fed chair "Mr Too Late", a “major loser” and a "numbskull".

Justin, Sarah and Anthony explain why it matters and the impact this very public spat could have on the US and global economy.

HOSTS: • Justin Webb, Radio 4 presenter • Sarah Smith, North America Editor • Anthony Zurcher, North America Correspondent

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This episode was made by Purvee Pattni, George Dabby, Alix Pickles, and Grace Reeve. The technical producer was Philip Bull. The series producer is Purvee Pattni. The senior news editor is Sam Bonham.

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