Not bad for a 'clueless' Fed chair.
Federal Reserve Chair Jerome Powell testifies during a U.S. House Oversight and Reform Select Subcommittee hearing on coronavirus crisis, on Capitol Hill in Washington, U.S., June 22, 2021. Graeme Jennings/Pool via REUTERS/File PhotoIf the U.S. economy has a "soft landing" - no recession this year with inflation near target, and only a mild downturn next year with unemployment staying historically low - Jerome Powell may lay claim to being the most successful Fed chief in history.
After the most aggressive interest rate-hiking campaign since the early 1980s - 500 basis points in barely 18 months - that would be a remarkable achievement on its own. It would also represent quite a turnaround in personal fortunes for the now 70-year old Republican first nominated by former President Donald Trump in 2017.
One can only speculate how Trump would have reacted to the historic policy tightening cycle now drawing to a close were he still president. It's unlikely he would have been supportive as stocks and bonds plummeted through 2022.
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