Donald Trump is not letting up pressure on the US Federal Reserve. He's taken efforts to fire one of its governors, all the way up to the US Supreme Court. Trump's clash with the Fed echoes pressure that Richard Nixon put on the central bank in the 1970s to lower interest rates. In this episode, Cristina Bodea, professor of political science at Michigan State University, why that moment – and the inflation spike that followed – became a cautionary tale about what can happen if politicians threaten the independence of central banks. This episode was written and produced by Katie Flood and Gemma Ware with assistance from Mend Mariwany. Sound design and mixing by Eloise Stevens and theme music by Neeta Sarl. Read the full credits for this episode and sign up here for a free daily newsletter from The Conversation.If you like the show, please consider donating to The Conversation, an independent, not-for-profit news organisation.

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