Powell’s legacy at the Fed to be shaped by his misjudging inflation and standing up to Trump
Summary
Jerome Powell has served as chair of the Federal Reserve for eight years. During his time, inflation rose to levels not seen in decades, and he faced criticism from President Donald Trump but worked to keep the Fed independent from political pressure.Key Facts
- Jerome Powell became chair of the Federal Reserve eight years ago.
- Inflation increased sharply after the pandemic, reaching a peak of 9.1% in June 2022.
- Prices for everyday items like groceries have risen about 30% compared to six years ago.
- The Fed raised its key interest rate to a 20-year high in 2023 to try to curb inflation.
- Unemployment fell to its lowest level in 50 years during Powell’s term.
- Powell faced repeated personal attacks from President Donald Trump.
- He resisted legal pressure from the Justice Department, defending the Fed’s independence.
- Powell is not a trained economist but has a background in law and finance.
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