During an Oval Office meeting with congressional Republicans a few days ago, President Trump showed off the draft of a letter that would fire Jerome H. Powell, the chair of the Federal Reserve.

It’s the latest chapter in a dysfunctional relationship that has major implications for the global economy.

Guest: Colby Smith, who covers the Federal Reserve and the U.S. economy for The Times.

Background reading: President Trump waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans. Can Trump fire Powell? It’s likely that he lacks a case, legal experts say.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Photo: Tom Brenner/The New York Times

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