President Donald Trump has been loudly critical of Federal Reserve Chair Jerome Powell for years now. Since January, the President has accused him of playing politics by keeping interest rates high. Trump has also threatened to oust Powell — which would mark an extraordinary shift away from the independence of the central bank.Today from our friends at The Indicator from Planet Money: a short history of the Federal Reserve and why it’s insulated from day-to-day politics; how the Fed amassed a ton of power in recent years; and a Trump executive order that took some of that power away.To access bonus episodes and listen to Throughline sponsor-free, subscribe to Throughline+ via Apple Podcasts or at plus.npr.org/throughline.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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“What did the council decide on item 42?” — answered with the speaker and the moment.