After a year of harassing and threatening Jerome Powell, the chairman of the Federal Reserve, President Trump replaced him on Wednesday.

Colby Smith, who covers the Fed, explains how the president ended one standoff only to create a new one.

Guest: Colby Smith, a New York Times reporter covering the Federal Reserve and the U.S. economy.

Background reading:

Photo: Kenny Holston/The New York Times, Caroline Gutman for The New York Times

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A New Leader — and a New Showdown — at the Fed

The Daily