Jerome Powell: hvad nu

Federal Reserve Chair Jerome Powell announced Wednesday he will remain on the Fed’s Board of Governors after his term as chair ends May 15, citing what he called “unprecedented” legal attacks on the central bank’s independence by the Trump administration. Jerome Powell vokser denne lørdag frem som et af de emner, der tiltrækker opmærksomhed i Denmark.

Fakta

• Federal Reserve Chair Jerome Powell announced Wednesday he will remain on the Fed’s Board of Governors after his term as chair ends May 15, citing what he called “unprecedented” legal attacks on the central bank’s independence by the Trump administration.
• In what may have been Chair Jerome Powell's final meeting at the helm, the rate-setting Federal Open Market Committee voted to hold the benchmark funds rate in a range between 3.5%-3.75%.
• Jerome Powell’s term as Fed chair is winding down (though he’ll stay on as a governor for a bit), and it’s a good moment to take stock.
• His time leading the Federal Reserve ends on 15 May and was marked by frequent attacks from President Trump, who wanted lower interest rates.
• The meeting likely was the last with Chair Jerome Powell at the helm.

Det vi ved

Detaljeret, In what may have been Chair Jerome Powell's final meeting at the helm, the rate-setting Federal Open Market Committee voted to hold the benchmark funds rate in a range between 3.5%-3.75%.

Konkret, Jerome Powell’s term as Fed chair is winding down (though he’ll stay on as a governor for a bit), and it’s a good moment to take stock.

Derudover his time leading the Federal Reserve ends on 15 May and was marked by frequent attacks from President Trump, who wanted lower interest rates.

Det er værd at bemærke, at the meeting likely was the last with Chair Jerome Powell at the helm.

På nuværende tidspunkt Powell said he’ll step down when the DOJ’s investigation is “well and truly over,” with no threats of revival.

Tallene

Detaljeret, In a term generally marked by consensus building and few dissents, Chair Powell concludes his term with 4 dissents," Brent Schutte, chief investment officer at Northwestern Mutual, wrote in an email.

Konkret, the full Senate is widely expected to follow suit, setting up the Fed's first leadership change since Powell took over in 2018.

Derudover If the matter isn't resolved and Powell's stays on it would mark the first time a sitting chair didn't leave the Board of Governors since Marriner Eccles in 1948.

Det er værd at bemærke, at Powell did not specify how long he would stay, saying only that he would remain until “this investigation is well and truly over, with transparency and finality.” He can technically remain a governor until January 2028.

Hvad der siges

“And the things that have happened in the last three months, they have left me no choice but to stay until I see them through, at least that long,” he continued.

“The tradition is at the Fed that governors understand how difficult the role of chair is,” he said. “You try to be heard, but also collaborate with the chair and support the chair when you can.”

Baggrunden

Det er værd at bemærke, at Powell’s announcement followed the Fed’s decision Wednesday to hold the Federal funds rate steady in a range of 3.5% to 3.75% for a third consecutive meeting, with four officials dissenting.

På nuværende tidspunkt as Powell has put it, the backdrop itself has changed: “It’s been very challenging.

Detaljeret, And it’s what led Donald Trump to brand Powell “too late,” alongside pressure over the Fed’s independence as he pushed for faster cuts.

Konkret, Powell was asked about his legacy at a recent press conference.

Derudover For 25 years before that, it was mostly demand management.

Opsummering

• His time leading the Federal Reserve ends on 15 May and was marked by frequent attacks from President Trump, who wanted lower interest rates.
• The meeting likely was the last with Chair Jerome Powell at the helm.
• The full Senate is widely expected to follow suit, setting up the Fed's first leadership change since Powell took over in 2018.