Aug 20, 2026 · 20 min · 10 segments
Donald Trump's new man at the USA's central Bank - the Federal Reserve - Kevin Warsh. We learn all about the background of this newly powerful Lord of Finance, what he believes in, where he wants the…
Paul MolloyHost
Marcus DoyleHost
After 18 months of trying to get rid of Jay Powell, he has got rid of him by not renewing his term.
But is he going to be Trump's ally? That's a word we could use, which is more friendly on the radio.
Or is he going to go his own way? Will he be independent? And the thing is, just before we start, what do central banks do? I'm sure everyone has an idea, but maybe not completely.
Probably the best way to understand about what central banks do is they manage interest rates, short-term interest rates.
So if the economy is too hot, if prices are rising, like we have in Ireland, for example, then we would want interest rates to go up just to cool things down.
If everything's going fine, well, we can leave interest rates as they are, just like the ECB did this week.
Or we can cut rates, which makes it cheaper to borrow, makes it easier for business in general.
And we'll talk about some of the things that the Fed did back then that went beyond just interest rates.
Donald Trump has believed for quite some time and he's not the first president to think this, that interest rates are too high and that he's going to pay a political price in November because interest rates are too high.
But, of course, he started the Iran war, which is, at time of recording, still rumbling and the ceasefire seems to...
After 18 months of trying to get rid of Jay Powell, he has got rid of him by not renewing his term.
But is he going to be Trump's ally? That's a word we could use, which is more friendly on the radio.
Or is he going to go his own way? Will he be independent? And the thing is, just before we start, what do central banks do? I'm sure everyone has an idea, but maybe not completely.
Probably the best way to understand about what central banks do is they manage interest rates, short-term interest rates.
So if the economy is too hot, if prices are rising, like we have in Ireland, for example, then we would want interest rates to go up just to cool things down.
If everything's going fine, well, we can leave interest rates as they are, just like the ECB did this week.
Or we can cut rates, which makes it cheaper to borrow, makes it easier for business in general.
And we'll talk about some of the things that the Fed did back then that went beyond just interest rates.
Donald Trump has believed for quite some time and he's not the first president to think this, that interest rates are too high and that he's going to pay a political price in November because interest rates are too high.
But, of course, he started the Iran war, which is, at time of recording, still rumbling and the ceasefire seems to...
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