00:00For years, Jerome Powell tried not to fight Donald Trump in public.
00:04Then the subpoenas arrived.
00:05And one Sunday night in January, the Federal Reserve chair released a surprise video message to the American people.
00:11No dramatic set, just Powell alone against the blue backdrop,
00:15accusing the White House of trying to intimidate the central bank.
00:19The threat of criminal charges is a consequence of the Federal Reserve setting interest rates
00:23based on our best assessment of what will serve the public,
00:27rather than following the preferences of the president.
00:30It was an extraordinary moment.
00:32The most powerful central banker in the world openly warning that the Fed's independence was under attack.
00:38And it may also be the defining moment of Powell's eight rollercoaster years in charge.
00:43Because before the showdown with Trump, Powell had already led the Fed through one economic firestorm after another.
00:49A global pandemic, the fastest inflation surge in decades, regional bank collapses, and ethics scandals inside the Fed itself.
00:56His biggest mistake may be remembered forever, insisting post-COVID inflation was transitory as prices spiraled across America.
01:04Critics say the Fed moved too slowly.
01:06Supporters argue Powell pulled off something almost impossible, bringing inflation down without causing a devastating recession.
01:13But now his legacy may rest on something even bigger.
01:16As Trump pushes the biggest expansion of presidential power in generations,
01:20Powell has emerged as one of the few officials in Washington willing to openly resist him.
01:25Not just to defend the Fed from subpoenas and investigations,
01:28but to make clear that America's central bank makes policy for the people, not the president.
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