President Donald Trump has signaled he’s already looking to replace Federal Reserve Chair Jerome Powell far earlier than usual. Here’s how a so-called ‘shadow’ Fed would work, and what it means for markets and consumers. Chapters: 0:00 President Trump vs. Fed Chair Powell 0:41 How a ‘Shadow’ Fed would work 2:25 Risks 4:22 Who Trump could replace Powell with 5:30 What’s next? News Explainers Some days the high-speed news cycle can bring more questions than answers. WSJ’s news explainers break down the day's biggest stories into bite-size pieces to help you make sense of the news. #Trump #Fed #WSJ