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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?

The Most Toxic Relationship in Washington