Scott Simon

Test your knowledge of the week's news against the show's panelists by listening every weekend. Here's this week's lightning fill-in-the-blank news quiz.

Trump complains that over in Europe, the central bank has been cutting interest rates. But here in this country, the Fed has been sitting on its hands, keeping rates relatively high. The president is also unhappy about a speech that Powell gave this week in which the Fed chairman warned that Trump's tariffs are likely to push inflation higher, at least temporarily.

Trump complains that over in Europe, the central bank has been cutting interest rates. But here in this country, the Fed has been sitting on its hands, keeping rates relatively high. The president is also unhappy about a speech that Powell gave this week in which the Fed chairman warned that Trump's tariffs are likely to push inflation higher, at least temporarily.

Trump complains that over in Europe, the central bank has been cutting interest rates. But here in this country, the Fed has been sitting on its hands, keeping rates relatively high. The president is also unhappy about a speech that Powell gave this week in which the Fed chairman warned that Trump's tariffs are likely to push inflation higher, at least temporarily.

Trump stopped short of telling Powell, you're fired, but he made it clear he wouldn't be sorry to see the Fed chairman go.

Trump stopped short of telling Powell, you're fired, but he made it clear he wouldn't be sorry to see the Fed chairman go.

Trump stopped short of telling Powell, you're fired, but he made it clear he wouldn't be sorry to see the Fed chairman go.

Powell insists he plans to serve out the remainder of his term as Fed chairman, which runs through May of next year. He also says Trump doesn't have the legal authority to fire him over a disagreement about interest rates. Now, Powell has Supreme Court precedent on his side, but the White House seems willing to test that by firing board members from other independent agencies.

Powell insists he plans to serve out the remainder of his term as Fed chairman, which runs through May of next year. He also says Trump doesn't have the legal authority to fire him over a disagreement about interest rates. Now, Powell has Supreme Court precedent on his side, but the White House seems willing to test that by firing board members from other independent agencies.

Powell insists he plans to serve out the remainder of his term as Fed chairman, which runs through May of next year. He also says Trump doesn't have the legal authority to fire him over a disagreement about interest rates. Now, Powell has Supreme Court precedent on his side, but the White House seems willing to test that by firing board members from other independent agencies.

No. Powell and his colleagues are doing their best to respond to what's happening in the economy. not buckling to political pressure. In fact, the Fed is designed to be insulated from politics. Economist Austin Goolsbee, who also takes part in these interest rate decisions as head of the Chicago Federal Reserve Bank, says that works better than letting politicians call the shots.

No. Powell and his colleagues are doing their best to respond to what's happening in the economy. not buckling to political pressure. In fact, the Fed is designed to be insulated from politics. Economist Austin Goolsbee, who also takes part in these interest rate decisions as head of the Chicago Federal Reserve Bank, says that works better than letting politicians call the shots.

No. Powell and his colleagues are doing their best to respond to what's happening in the economy. not buckling to political pressure. In fact, the Fed is designed to be insulated from politics. Economist Austin Goolsbee, who also takes part in these interest rate decisions as head of the Chicago Federal Reserve Bank, says that works better than letting politicians call the shots.

We saw that in this country during the Richard Dixon era when the Fed did bow to White House pressure to lower interest rates. And the result was stubbornly high inflation that lasted the better part of a decade.

We saw that in this country during the Richard Dixon era when the Fed did bow to White House pressure to lower interest rates. And the result was stubbornly high inflation that lasted the better part of a decade.

We saw that in this country during the Richard Dixon era when the Fed did bow to White House pressure to lower interest rates. And the result was stubbornly high inflation that lasted the better part of a decade.

Ultimately, it took another stubborn Fed chairman, Paul Volcker, to wrestle inflation under control using very high interest rates. Now, that was not popular at the time. Construction workers famously sent Volcker protest messages scrawled on two-by-fours. But it worked. And eventually, Volcker was remembered as a hero.

Ultimately, it took another stubborn Fed chairman, Paul Volcker, to wrestle inflation under control using very high interest rates. Now, that was not popular at the time. Construction workers famously sent Volcker protest messages scrawled on two-by-fours. But it worked. And eventually, Volcker was remembered as a hero.

Ultimately, it took another stubborn Fed chairman, Paul Volcker, to wrestle inflation under control using very high interest rates. Now, that was not popular at the time. Construction workers famously sent Volcker protest messages scrawled on two-by-fours. But it worked. And eventually, Volcker was remembered as a hero.

Goolsbee told the Economic Club of New York that Volcker's widow later gave him a piece of one of those two-by-fours as a reminder.