It wasn’t the Trump administration’s first attack on the Federal Reserve – but it was perhaps the most shocking. The Department of Justice’s criminal investigation into Jay Powell – nominally over his testimony about the refurbishment of Fed buildings – has ramped up pressure on the Fed chair, whom Donald Trump has frequently criticised over the central bank’s interest rate stance. Will Trump succeed in imposing his will on the Fed, and how might the world’s most important financial institution fight back? Is there any hope that the next Fed chair will stand up to Trump? FT US economics editor Claire Jones speaks to the Fed's former vice-chair Don Kohn.

Further Reading

High-stakes Powell probe carries risks for US justice department

Central bank chiefs ‘stand in full solidarity’ with Jay Powell

Justice department’s probe into Jay Powell galvanises Fed leaders to repel Donald Trump’s attacks

Claire Jones is the FT’s US economics editor. You can find her articles here.

Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Claire Jones. Produced by Mischa Frankl-Duval. The executive producer was Manuela Saragosa. Original music from Breen Turner, and sound design by Breen Turner and Sam Giovinco.

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Affordability is set to be a key issue in US politics ahead of the country’s midterm elections. And though American politicians often express their support for the country’s middle class, life has become progressively more difficult for that group, Mechele Dickerson argues. The University of Texas law professor explains how sluggish wage growth, housing policy and the growth of personal debt have made it harder to secure the markers of middle class life.

Claire Jones is the FT’s US economics editor. You can find her articles here

Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.

Presented by Claire Jones. Produced by Mischa Frankl-Duval. Manuela Saragosa is the FT’s acting co-head of audio. Original music from Breen Turner, and sound design by Sam Giovinco.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on billions of dollars of hidden debt and a secretive founder whose borrowing habits left creditors exposed. The FT’s corporate finance editor Robert Smith and banking editor Ortenca Aliaj walk through their investigation and explain how this event has raised questions about potential cracks in private credit.

This is a repeat of an episode published on Behind The Money, a sister podcast of The Economics Show, on October 29, 2025

For further reading:

The secretive First Brands founder, his $12bn debt and the future of private credit

First Brands Group: dude, where’s my cash?

First Brands bankruptcy: the losers — and winners

Follow Robert Smith on X (@BondHack), or on Bluesky (@bondhack.ft.com). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

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