Alan Blinder

Very glad to be here, Kai.

Well, they've been expecting something for a long time.

I don't think they expected this.

I mean, this is a serious attack on the Federal Reserve in general.

I want to emphasize that.

And of course, Powell in particular.

They've probably been expecting something because Trump has been on a tirade against Powell and the Fed for quite a long time, as you know.

Well, I think there's a threat of legal action.

I heard the word criminal mentioned.

Not sure what that could possibly mean, but it doesn't much matter to Trump and his DOJ.

They throw these words around.

They're trying to intimidate.

And Powell is straightforward, but also very smart.

He sees what's going on.

And this was really crossing all...

I wouldn't say it's the first time they've crossed the line, but this is really crossing a serious line.

Well, I think it means, first of all, the death or at least moribundness, if that's a word, of Federal Reserve independence.

My guess, and I think it's a fairly well-educated guess,

is the same as yours, that nobody is going to get that nomination from Trump without pledging fealty to Trump.

That is not the way we have selected Fed chairs in the past.