Here & Now Anytime How the Federal Reserve is fighting back as Trump threatens its independence
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Jan 12, 2026 
Economist Jason Furman and Iran scholar Ali Reza Nader dive into pressing issues. Furman discusses the threats against Federal Reserve Chair Jerome Powell, asserting they could bolster the Fed's resolve against political pressure. He highlights the importance of maintaining the Fed's independence for economic stability. Nader reveals the dire situation in Iran, with violent crackdowns resulting in hundreds of deaths. He emphasizes the need to restore internet access for protesters. Both guests engage in thought-provoking analysis of governance and resistance.
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Why Fed Independence Matters
- Federal Reserve independence prevents short-term political pressure from causing long-term inflation and economic harm.
- Jason Furman warns that politicizing the Fed risks repeating past episodes like Nixon-era inflation and weakens economic stability.
Presidential Biases Versus Central Bankers
- Presidents are prone to favor short-term gains that harm long-term economic outcomes when they control monetary policy.
- Furman says presidents lack detailed knowledge and are biased toward immediate boosts, worsening inflation risks.
Comparisons To Authoritarian Economies
- Criminal investigations of central bank leaders are common abroad but unprecedented in the U.S. context.
- Furman cites Argentina and Turkey as warning examples and says the U.S. should avoid that path.