President Donald Trump has repeatedly attacked the decisions of Federal Reserve Chairman Jerome Powell in recent weeks, arguing he would like more “help” from the central bank chairman. | Chip Somodevilla/Getty Images POLITICO MONEY PODCAST Trump channels Richard Nixon on the Fed

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President Donald Trump has repeatedly attacked the decisions of Federal Reserve Chairman Jerome Powell in recent weeks, arguing he would like more “help” from the central bank chairman in keeping interest rates low and saying he was “not thrilled” with the Fed’s policies.


In the latest POLITICO Money podcast, POLITICO’s Victoria Guida talks about the potential impact of Trump criticizing his own pick for Fed chairman. So far, Powell and his colleagues have shown no inclination to bend to Trump’s will, signaling they will continue their path of gradual rate hikes as the economy improves.

The podcast also includes tape of then-President Richard Nixon calling his Fed chairman, Arthur Burns, and pressuring him to keep rates low. In Nixon’s case, Burns complied, setting the stage for runaway inflation that forced a rapid series of rate increases by Fed Chairman Paul Volcker in the 1980s.

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The fact that Trump’s criticisms are out in the open could make it easier for Powell to simply ignore them and avoid the disastrous “stagflation” — high inflation and low growth — of the late 1970s and early 1980s.