Trump shattered the norms around the Federal Reserve’s independence when he pressured Chair Jerome Powell to lower interest rates and attempted to oust Fed Governor Lisa Cook. As part of our video series on Trump’s second term, WSJ’s Nick Timiraos explains what it means for global finance. Chapters: 0:00 Trump and the Fed 1:00 Trump’s escalation in 2025 2:42 Central bank independence 3:51 Why 2026 is the decisive year Trump’s Year What a difference a year makes. Since returning to the White