Negative Attitudes Toward Fed Persisted Among Americans in 2017By
Americans' confidence in the nation's
central bank remains weak a decade after the worst financial
crisis since the Great Depression.
Thirty-eight percent of people polled in November and December
said they were less confident in the Federal Reserve than five
years earlier, according to a special report from the University
of Michigan's survey of consumers, released Friday. That's less
than 41 percent in early 2015 and the 59 percent recorded in
In the latest survey, 12 percent of respondents said they had
more confidence in the Fed than five years earlier, while 47
percent said their confidence was the same.
As the financial crisis hit in 2007 and 2008, the Fed bore
criticism for allowing the U.S. housing bubble to inflate in the
preceding years, and then for bailing out large financial
institutions such as Bear Stearns Cos.
When Jerome Powell takes over as Fed chairman from Janet Yellen
as expected next month, “he will face the challenge of
maintaining confidence in the Fed while repeatedly raising
interest rates,” survey director Richard Curtin said in a
The report Friday also showed that Americans were less confident
in banks, brokerages and insurance companies, while sentiment
toward credit unions was positive.