President Trump has pressured and attacked the Federal Reserve and is now trying to replace governors. What are the consequences if the Fed is losing independence and moving toward presidential control? Cristina Bodea finds that the Fed was never the most independent and is becoming less so in the face of public pressure. That could make a normally conservative institution move toward enabling inflation and government spending. We also talk about international comparisons, populist pressure on central banks globally, leader gender, and the role of tariffs and democratic backsliding.