Powell ends term as Fed chair: Takeaways from his tenure
Summary
Federal Reserve Chair Jerome Powell is ending his 8-year term, during which he managed crises like the COVID-19 pandemic and high inflation. President Donald Trump’s nominee Kevin Warsh will take over as Fed Chair, with Powell staying on the Fed’s board until an investigation is finished.Key Facts
- Jerome Powell served as Fed Chair from 2018 to 2026.
- He faced major challenges including the COVID-19 pandemic and the highest inflation in 40 years.
- Powell lowered interest rates to near zero in March 2020 to help the economy during the pandemic.
- Unemployment rose sharply to 14.7% during the early months of the pandemic but the recession lasted only two months.
- The Fed worked with government stimulus programs under Presidents Trump and Biden to support economic recovery.
- Kevin Warsh, nominated by President Trump, has been confirmed as the new Fed Chair.
- Powell will remain on the Federal Reserve’s board until an inspector general’s investigation into a building renovation is completed.
- Powell’s leadership included 66 interest rate decisions and spanned two presidents and three Treasury secretaries.
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