President Donald Trump has been pressuring the Federal Reserve from a few angles. So we wanted to look at other examples of political pressure on central banks, to see what it might mean for us and for the economy.
Enter the watchers. The people who’ve had their eyes trained on central banks all over the world, for years, notebooks out, scribbling down their observations. They’ve been trying to gauge just how independent of political pressure central banks actually are – and what happens when a central bank loses that independence.
Today on the show, we sidle up next to three of the leading central bank watchers, to watch what they’re watching.
Further reading:
- Carolina Garriga’s: Central bank independence and inflation volatility in developing countries
- Lev Menand’s: A New Measure of Central Bank Independence
- Carola Binder’s: Political Pressure on Central Banks
Further listening:
- Lisa Cook and the fight for the Fed
- A primer on the Federal Reserve's independence
- The case for Fed independence in the Nixon tapes
- A Locked Door, A Secret Meeting And The Birth Of The Fed
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This episode was produced by Willa Rubin with help from Sam Yellowhorse Kesler. It was edited by Marianne McCune and fact-checked by Sierra Juarez. Engineering by Robert Rodriguez and Maggie Luthar. Alex Goldmark is Planet Money’s executive producer.
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CBS News Roundup - 09/05/2025 | World News Roundup Late Edition
Pentagon name change -- to the Department of War.
Huge ICE raid on Georgia Hyundai plant.
Disappointing numbers on jobs.
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1A - The News Roundup For September 5, 2025
Jobs numbers are out. They indicate a stalling labor market, with U.S. employers adding just 22,000 jobs in August and unemployment rising to 4.3 percent.
After rumors about the president’s supposedly failing health swirled online last weekend, Donald Trump appeared in public at a press conference this week announcing the relocation of the Space Force headquarters from Colorado to Alabama.
Florida announced this week that it’s set to become the first state in the U.S. to end vaccine mandates in schools, including for young children.
The leaders of China, India, Russia met this week in a display of friendship meant to signal unity to the world. Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, and Chinese President Xi Jinping convened in China for a summit of powers not aligned with the West.
Meanwhile, Putin told officials in Kyiv he was willing to try and negotiate the end the war in Ukraine should “common sense prevail.” However, he also threatened that he was prepared to continue should he not find terms agreeable.
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After rumors about the president’s supposedly failing health swirled online last weekend, Donald Trump appeared in public at a press conference this week announcing the relocation of the Space Force headquarters from Colorado to Alabama.
Florida announced this week that it’s set to become the first state in the U.S. to end vaccine mandates in schools, including for young children.
The leaders of China, India, Russia met this week in a display of friendship meant to signal unity to the world. Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, and Chinese President Xi Jinping convened in China for a summit of powers not aligned with the West.
Meanwhile, Putin told officials in Kyiv he was willing to try and negotiate the end the war in Ukraine should “common sense prevail.” However, he also threatened that he was prepared to continue should he not find terms agreeable.
Find more of our programs online. Listen to 1A sponsor-free by signing up for 1A+ at plus.npr.org/the1a.
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PBS News Hour - World - ‘We gave everything’: Afghan allies abandoned by U.S. share fears of life under Taliban
As the American war in Afghanistan ended four years ago, thousands of Afghans who had worked with the United States, and believed in the American-led war against the Taliban, were left behind. Many of them are still there after the Trump administration suspended relocation programs. Nick Schifrin spoke with two men in Afghanistan about their fears and dark memories of the Taliban takeover. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy
Newshour - ‘A battle for the soul of Israel’
On the 700th day of the war in Gaza Fania Oz-Salzberger, an Israeli historian and daughter of the writer Amos Oz, speaks to us about the prospects for peace with the Palestinians.
Also in the programme: the British prime minister loses his deputy, leading to a sweeping reshuffle of the government; and David Bowie's unlikely ambition to write a musical about 18th century London.
(Photo: Three-year-old Ibrahim Mohammed Ahmad, the only survivor of his family with his grandmother, at Al Shifa Hospital in Gaza City, Gaza Strip, 03 September 2025.Credit: Mohammed Saber /EPA/Shutterstock)
Marketplace All-in-One - Jobs report warning signs
Paltry job creation was the headline item in the latest jobs report. But dig a little deeper, and warning signs show up all over: long-term unemployment, Black unemployment and Hispanic unemployment all rose in August. In this episode, why those stats could be proverbial canaries in the coal mine of the broader labor market. Plus: Industrial warehouse demand is down and a shipworker shortage could thwart Trump’s goal of reviving the commercial shipping industry.
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The Gist - Mike Hayes on Purpose, Grit, and Mission
Today on The Gist. Trump’s push to rebrand the Pentagon as the “Department of War”. Then a full-length interview with Mike Hayes—former commanding officer of SEAL Team 2, White House Fellow, and author of Mission Driven: The Path to a Life of Purpose. Hayes lays out how to define the “who” before the “what,” why 1% better beats overnight breakthroughs, and how grit, EQ, and team-first leadership scale beyond the battlefield to business and life. Plus: talent vs. credentialism, learning from failure without ego, and why calm thinking under pressure is a trainable skill. Come See Mike Pesca at Open Debate
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Consider This from NPR - Trump wants to change education. What’s that mean for kids?
President Trump has vowed to abolish the Department of Education. He’s pressured schools to end DEI initiatives and protections for transgender students. He's rescinded guidelines that barred immigration enforcement at schools.
So what could Trump’s policies mean for kids in public schools? We get answers from NPR education correspondent Cory Turner and NPR senior political editor and correspondent Domenico Montanaro.
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This episode features reporting by Frank Langfitt. It was produced by Tyler Bartlam and Connor Donevan, with audio engineering by Ted Mebane and Hannah Gluvna. It was edited by William Troop, Nicole Cohen, and Kelsey Snell. Our executive producer is Sami Yenigun.
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The Daily Signal - Victor Davis Hanson: Woke Politics Caused Britain’s Crisis. Now, It Reaps the Consequences.
Britain has seen an influx of illegal immigrants from the Islamic Middle East, often without proper background checks. Scandals involving Pakistani immigrants grooming young girls went largely ignored by authorities due to fears of political backlash. Ordinary citizens face harassment for expressing patriotism, even as immigrant communities display cultural or political symbols freely.
Victor Davis Hanson explains that this crisis is part of a larger European problem, and how the social, demographic, and political pressures facing Britain and Europe threaten the stability of their nations on today’s episode of “Victor Davis Hanson: In His Own Words.”
“They’ve had a series of controversies and incidents and scandals in which Pakistani illegal immigrants have been grooming young British girls in the sex trades. And this was apparently known to authorities. But they felt that it was politically correct, in the age of DEI and woke, to seriously pursue any legal ramifications, until the public was outraged.
“And this is in addition to the beginning of massive demonstrations, on the part of the British, Scottish, Irish, Welsh public, to perceived indifference from the United Kingdom Labour Party to the plight of their own citizens. In other words, they're censoring thought, dissent of British citizens, but not in the same manner they are of illegal aliens. And this translates into some very Orwellian and absurd incidents.”
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(0:00) Britain's Immigration Crisis
(1:52) Public Outrage
(2:26) Cultural and Social Tensions
(3:08) Europe's Broader Crisis
(3:39) Economic and Energy Challenges
(4:39) Final Thoughts
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WSJ What’s News - Hiring Slowdown Spells a Weakening Labor Market
P.M. Edition for Sept. 5. The latest jobs report fell far short of expectations—raising new questions about the strength of the U.S. labor market. WSJ economics reporter Rachel Ensign tells us how the Federal Reserve might respond. Plus, federal agents swept a Georgia Hyundai battery plant, arresting hundreds in an immigration raid. WSJ Korea bureau chief Tim Martin joins to discuss what this means for the future of the South Korean company in the U.S. Finally, Tesla’s board is seeking investor approval for a pay package worth as much as $1 trillion in stock for CEO Elon Musk. WSJ business reporter Theo Francis lays out the details of this potential pay deal. Alex Ossola hosts.
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