After a year of harassing and threatening Jerome Powell, the chairman of the Federal Reserve, President Trump replaced him on Wednesday. Colby Smith, who covers the Fed, explains how the president ended one standoff only to create a new one. Guest: Colby Smith (https://www.nytimes.com/by/colby-smith) , a New York Times reporter covering the Federal Reserve and the U.S. economy. Background reading:  • The Senate confirmed Kevin Warsh (https://www.nytimes.com/2026/05/13/us/politics/kevin-warsh-fed-chair-confirmed.html) as the new chair of the Federal Reserve. • Video: How Jerome Powell managed a chaotic era (https://www.nytimes.com/video/us/100000010884024/how-jerome-powell-managed-a-chaotic-era.html) . Photo: Kenny Holston/The New York Times, Caroline Gutman for The New York Times For more information on today’s episode, visit nytimes.com/thedaily (http://nytimes.com/thedaily?smid=pc-thedaily) . Transcripts of each episode will be made available by the next workday.  Subscribe today at nytimes.com/podcasts (http://nytimes.com/podcasts) or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.