Jerome Powell is stepping down after leading the Federal Reserve for eight years. His tenure was marked by tumultuous leadership and the navigation of historic shocks to the United States economy.
When Powell was first sworn in as chair, economists expressed concern that interest rates and inflation were too low and that too few Americans had jobs.
During his leadership, Powell steered the U.S. through various crises, with key moments including the slashing of rates during the pandemic and standing up to the president. His legacy was further shaped by Donald Trump's aggressive push for interest rate cuts.
While he helped the country through historic shocks, economists suggest that Powell misread inflation during his time in office.