Juana Summers

I'll note that President Trump has said that he had no knowledge of the investigation.

But to your mind, do these DOJ subpoenas endanger the independence of the Federal Reserve?

Now, we know that it has long been the practice of the Fed to avoid overt fights with the president or Congress.

But watching Jerome Powell's statement after receiving that subpoena, that is just a remarkably different tack.

Why do you think such a change?

And Powell only has months left in his term as Fed chair.

President Trump will get to nominate his own replacement.

And we've already seen at least one Republican on the Senate Banking Committee, Tom Tillis of North Carolina, say that he would vote to block Trump's nominee unless the DOJ investigation is resolved.

Adam, what would a prolonged fight over Powell's replacement mean for the Federal Reserve day in and day out?

Big picture, as you take stock of the future of the Federal Reserve at this moment in time, does it look any different to you right now?

Adam Posen is president of the Peterson Institute for International Economics.

Thanks so much.

This episode was produced by Henry Larson with engineering support from Ted Meebane.

It was edited by Courtney Dorning and John Ketchum.

Our executive producer is Sammy Yannickan.

It's Consider This from NPR.

I'm Juana Summers.

Thank you.

It is difficult to know what's happening in Iran right now.

Holly Dogris is a senior fellow at the Washington Institute for Near East Policy.