Why Trump wants to ouster his own appointee, Jerome Powell, from the Fed chair—and why the rest of the world is rooting for Powell to stay put.

Guest: Liz Hoffman, Semafor’s business and finance editor, host of Semafor’s World Economy Summit, and author of Crash Landing: The Inside Story of How the World’s Biggest Companies Survived an Economy on the Brink.

Want more What Next? Join Slate Plus to unlock full, ad-free access to What Next and all your  other favorite Slate podcasts. You can subscribe directly from the What Next show page on Apple Podcasts and Spotify. Or, visit slate.com/whatnextplus to get access wherever you listen.

Podcast production by Elena Schwartz, Paige Osburn, Anna Phillips, Madeline Ducharme, Ethan Oberman, and Rob Gunther.

Learn more about your ad choices. Visit megaphone.fm/adchoices