By picking Jerome Powell to replace Janet Yellen as Federal Reserve chief, President Donald Trump is making a historic gamble that his five predecessors did not: appointing a new leader of the central bank in his first term instead of retaining the existing one. That move could have massive ramifications for the U.S. and global economies. But how did the Fed get so powerful? And how powerful is it really? Peter Conti-Brown, a professor at the University of Pennsylvania, joins Scott and guest host Chris Condon, a Federal Reserve reporter at Bloomberg, for a deep dive into the Fed's history and how Powell fits in. See omnystudio.com/listener for privacy information.

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

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