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The legacy of Jay Powell at the Fed

The outgoing chair has made some mistakes, but his decision to stand up to Trump was heroic

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    • The fact that Powell plans to remain on the Fed’s board is encouraging, since the next few years are likely to be challenging for US monetary stability.
    • The fact that Powell plans to remain on the Fed’s board is encouraging, since the next few years are likely to be challenging for US monetary stability. PHOTO: BLOOMBERG

    Martin Wolf

    Published Wed, May 27, 2026 · 06:00 PM

    JEROME “Jay” Powell is an honourable and intelligent man. He has handled the political side of being Federal Reserve chair – particularly relations with Congress – with skill and impartiality.

    Above all, he has stood up to vindictive abuse from US President Donald Trump, the man who appointed him, only to label him a “moron” for the crime of doing his job.

    The president’s poodles at the Department of Justice even opened an absurd criminal investigation into Powell. He is indeed one of the few people to emerge from the experience of working with Trump untainted.

    Jerome PowellUS Federal Reserve

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