During an Oval Office meeting with congressional Republicans a few days ago, President Trump showed off the draft of a letter that would fire Jerome H. Powell, the chair of the Federal Reserve.

It’s the latest chapter in a dysfunctional relationship that has major implications for the global economy.

Guest: Colby Smith, who covers the Federal Reserve and the U.S. economy for The Times.

Background reading:

President Trump waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans.
Can Trump fire Powell? It’s likely that he lacks a case, legal experts say.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Photo: Tom Brenner/The New York Times

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

The Most Toxic Relationship in Washington