Jerome Powell’s Public Confidence At All-Time Low
According to a new Gallup poll, Jerome Powell, the Chairman of the Federal Reserve that presided over the US economy during the Covid-19 pandemic and subsequent 40 year-high inflation, has the lowest public approval rating of any Fed chairman since the polling company began conducting surveys in 2001.
The poll shows that just 36% of Americans approve of the job Powell is doing, compared to 58% at the beginning of Covid-19 lockdowns— the highest rating since the days of Alan Greenspan’s reign in 2004. The decline in his approval rating may be due in part to his errored judgement of transitory inflation and delayed policy reaction, leaving Americans to face some of the sharpest price increases in over 40 years.
By the time Powell did begin to hike interest rates, confidence in his leadership began to wane substantially. In comparison, former Chairwoman and current Treasury Secretary Janet Yellen faced a 37% approval rating in 2014, while Americans’ confidence in Chairman Ben Bernanke stood at a paltry 39% in 2012. The Gallup poll shows that Yellen’s approval rating currently sits at 37%, the lowest since Jacob Lew held the position in 2014, and she has only 20% of confidence from Americans.
Confidence in Fed leaders also tends to mirror approval ratings of politicians; about 35% of Americans believe president Joe Biden is doing a good job with managing the economy— the lowest level since George W. Bush was president during the 2008 financial crisis.
Information for this briefing was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
