The President vs. the Fed

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Jerome Powell's term as Fed chairman is set to expire.

Significant day for the Central Bank as it transitions to new leadership.

Correspondent James Jacoby traces the battle between Donald Trump and the Central Bank.

If I want him out, he'll be out of there real fast, believe me.

You think that this is all part of an effort by the president and this administration to get his hands on this powerful economic lever?

I think he's been very clear about that.

In a lot of ways, this is a consequential power struggle.

I mean, these are two of the most influential policy makers in the world.

Economically, this is the most important fight of the second Trump administration.

Public service sometimes requires standing firm in the face of threats.

That's when you knew the fight was on.

I mean, the real fight was on.

This agency feels it is not under any obligation to be accountable.

It's not just a struggle between President Trump and Chair Powell.

It's a struggle over the future design of the federal government.

Now on Frontline, the president versus the Fed.