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Powell's Greatest Legacy? Becoming the Fed Defender-in-Chief
Powell’s record is being weighed against a $9 trillion balance sheet, a wrong 2022 inflation call and accusations of political pressure, critics say.
- On Wednesday, Federal Reserve Chair Jerome Powell leads his final two-day Federal Open Market Committee policy meeting, marking the end of his eight-year tenure as his term expires on May 15.
- Powell's leadership faced unprecedented political pressure from President Donald Trump, who repeatedly threatened to fire him and launched a Justice Department investigation into Eccles Building cost overruns.
- The Justice Department dropped its investigation on Friday, clearing a significant hurdle for Kevin Warsh, President Donald Trump's nominee to lead the central bank, as Sen. Thom Tillis withdrew opposition.
- Brookings senior fellow David Wessel expects Powell will be remembered as "a Fed chair with a spine," successfully defending the central bank's independence despite the "transitory" inflation misstep in 2022.
- All eyes are now on whether Powell will remain on the Board past his time as chair, with EY-Parthenon chief economist Gregory Daco stating, "We continue to believe he is more likely than not to remain on the Board.
26 Articles
26 Articles
'Transitory' inflation and beef with Trump will define Powell's legacy
Time is almost up on Jerome Powell’s eight-year stint as Federal Reserve chairman. How will his tenure as central bank boss be remembered? Loading audio narration… It’s a question Powell himself has likely grappled with as he’s navigated some of the biggest challenges the Fed has seen in decades — from a pandemic to an inflation flare-up to the threats to central bank independence. So before Powell leads what is probably his final Federal Open …
On the eve of leaving the head of the Federal Reserve, Jerome "Jay" Powell left the image of a long-discreet leader who had become, under political pressure, the defender of American monetary independence.
Jerome Powell's eight-year term as Chairman of the Federal Reserve is drawing to a close. Market experts have commented on his achievements as follows:
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Bias Distribution
- 47% of the sources lean Right
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